Sears at Brookfield Square Mall.
Chris Bucher/Freeman Staff
BROOKFIELD — Sears, a longtime staple at Brookfield
Square Mall, has been sold to CBL & Associates
According to a
news release by Chattanooga, Tennessee-based CBL, the Sears at the
mall, 115 S. Moorland Road in Brookfield, was one of five of the
department stores across the nation acquired through a large-scale
sale-leaseback. The firm said it intends to redevelop the Brookfield
Sears down the line, though nothing is for certain as far as it
of the Sears store allowed us to recapture prime real estate for
future redevelopment,” CBL Director of Public Relations Stacey
Keating said. “There are no plans for Sears to close at this time
and the store will continue to operate as normal.
redeveloping the Sears location in the future, but are in the very
early stages of exploring what opportunities are the best fit for
the market. It will take some time for those plans to be finalized.”
The sale comes
nearly two months after Sears reported mounting losses. The
company’s revenue fell 12.5 percent in the fiscal third quarter,
with losses increasing from $454 million to $748 million from the
third quarter the year before. In trying to end the losses, the
company said to its investors
that it would try to “accelerate” store closings.
previously owned the building, and will now operate under a 10-year
lease as part of the deal. As part of the transaction, CBL reserves
the right to terminate the agreement within six months notice,
except during the holiday season (November-January), Keating said.
Associates is the management company that owns the mall.
proactively transforming our market-dominant shopping centers to
meet the changing preferences of consumers,” Stephen Lebovitz,
president & chief executive officer at CBL, said. “This transaction
provides CBL with the opportunity to redevelop prime real estate and
attract exciting new uses at some of our best shopping centers.”
transaction amount for the five stores was $72.5 million. In
addition to the Sears at the mall, CBL purchased locations in
Chattanooga, one in Fayetteville, North Carolina, one in Cincinnati,
Ohio and also one in Louisville, Kentucky.
Square is already in the midst of extensive renovations, with the
seventh phase of construction nearing.
include a three-level, 275 vehicle parking deck, with an elevator
and walkway to Boston Store. Tentative plans for the mall also call
for 53,440-square-feet of retail space, much of which will be in
front of Boston Store.
Members on the
Brookfield Plan Commission largely supported the mall’s plans at a
At the meeting,
Brookfield Director of Community Development Dan Ertl said the
construction timeline for the improvements “could start when the
weather breaks in the spring.”