The closed Sears stores in the Regency and Orange Park malls are being marketed for redevelopment.
Transformco Properties, based in a suburb of Chicago, lists former department stores and land for lease, sale and development.
The company markets many of its other properties nationwide.
Transformco declined to comment on the specifics of the Jacksonville and Orange Park Sears stores, but its mission statement and website point to its efforts.
Its goal “is to reinvent retail space to better meet the needs of today’s market and maximize the value of Transformco’s real estate portfolio.”
“We transform existing retail spaces into vibrant new places offering shopping, entertainment, commercial and mixed-use experiences that appeal to a wide range of consumers,” he says on transformcoproperties.com.
“We create opportunities that take advantage of our prime locations to drive foot traffic and benefit surrounding communities. »
The Regency and Orange Park Sears stores are not part of the malls property.
Transformco says it is a private company with five core businesses: a 59.8 million square foot real estate portfolio; Sears Home Services, a product repair provider; the Shop Your Way loyalty and credit program; Transform Brands, home of Kenmore and DieHard; and Sears and Kmart full-line stores, specialty stores and online operations.
Sears Holdings Corp. filed for Chapter 11 bankruptcy protection on October 15, 2018.
Sears Chairman Eddie Lampert has won the bid to buy the assets of Sears Holding Corp. Through Transform Dove Holdco LLC, it purchased Regency and Orange Park Sears stores on February 11, 2019.
He paid $4.1 million for the Regency store, which closed in 2016, and $7.7 million for the Orange Park location, which was operating at the time and closed in 2020.
Sears closed the store it rented at The Avenues mall in 2019.
These are the only three department stores operated by Sears in northeast Florida.
Mall Group Partner and Executive Vice President Stephanie McCullough and Senior Vice President Kelly Pulignano are representing Jacksonville.
TSCG has made no comment other than confirming that it represents Transformco.
Through TF Jacksonville FL LLC, Lampert purchased the nearly 200,000 square foot Regency store at 9501 Arlington Expressway.
The TSCG brochure says the 18.38-acre property includes the former two-story Sears department store totaling 133,542 square feet and the adjacent Sears Auto building, approximately 15,688 square feet.
It was built in 1981 at the western end of the Regency Square shopping centre.
The brochure says the Sears property spans more than 344 feet of frontage along the Arlington Freeway.
It is adjacent to the 1.39 million square foot Regency Square Mall, which is largely vacant. The developers attempted to purchase and redevelop parts of the mall.
Impact Church purchased and operates the former Belk store in the center of the mall.
The TSCG brochure calls the mall part of Jacksonville’s premier regional retail submarket. Regency Square Mall opened in 1967 and has been expanded ever since.
It is 6 miles east of downtown.
Orange Sears Park
TF Orange Pk LLC has purchased the Sears Orange Park Mall site at 1910 Wells Road.
This property is over 200,000 square feet.
The TSCG brochure says the property, on 17.74 acres, includes the two-story 186,331 square foot Sears store and a 33,486 square foot freestanding building.
It was built in 1975 to anchor the west side of the mall.
The store is located on Blanding Boulevard and Wells Road, adjacent to the 950,000 square foot Orange Ark mall.
The Sears property offers over 1,000 feet of frontage along Blanding Boulevard.
The site is south of Interstate 295 and less than 3 miles from Naval Air Station Jacksonville.
“Reinventing commercial real estate”
Transformco Properties says its efforts are “part of our commitment to capture the momentum and opportunity created by the reinvention of commercial real estate.”
“Because at Transformco Properties, we believe that by constantly challenging the status quo, we can drive continuous growth and improvement. Ultimately, this allows us to continue to make positive changes for communities while positioning Transformco for success now and in the future. »
There are initial indications of what might be in the works for the Regency store.
The St. Johns River Water Management District received a pre-application on May 4 for the renovation of the former Sears store in Regency Square Mall.
Civil engineering firm Kimley-Horn and Associates Inc. is the applicant for the “Regency Square Sears Mall Renovation”.
No plan is attached.
Separately, a JEA service availability request sheds light on what landowners might probe to find out how to use the site.
Kimley-Horn submitted this request on April 21 to see what utilities are available for the Regency Square Mall Sears Redevelopment.
This summary calls it:
“The reuse of the existing Sears department building and the development of two outdoor plots. 150,000 square foot warehouse building, 38,0000 square foot industrial building and 36,000 square foot retail building.
The size of the industrial building appears to be a typo as a 38,000 square foot building would fit into the property as described.
No developer is identified.
According to JEA, Service Availability Letters help customers and developers determine if JEA is the right utility provider for their home or business and will include potential connection points to the system.
Offices and apartments
An example of reuse is in Florida.
In January, Transformco announced that it would permanently close the Sears store at 901 North Federal Highway in Fort Lauderdale.
He said he sold the land adjacent to the store to RK Centers.
RK Centers calls it the RK Searstown Plaza and plans office towers and apartments.
Transformco said its “store strategy moving forward” for Sears and Kmart is to operate a diverse portfolio consisting of a small number of top-tier department stores with a larger number of smaller format stores – combined with its Shop Your Way rewards program, online Marketplace and buy online, take advantage of in-store capabilities.
In January 2021, Transformco Properties announced that it had completed the sale/assignment of five Kmart store leases in California, Maine, New Jersey, North Carolina and Wyoming to Target Corp.
“Transformco continues to seek opportunities to create value from its real estate portfolio and to partner with retailers, landlords and communities as part of the ongoing reinvention of commercial real estate,” said Scott Carr. , president of Transformco Properties.
In January, Brean Capital LLC, an investment bank specializing in institutional capital raising and advisory services, announced the closing of $75 million of senior secured notes by Transform Lease Opco LLC, a subsidiary of newly formed operation of Transform Holdco LLC, the parent entity and owner of former Sears and Kmart assets.
A press release says the proceeds will be used to provide growth capital for the repositioning and release of the company’s portfolio of leased real estate assets.
“This unique transaction is another example of our progress in successfully monetizing the value of our real estate portfolio,” Carr said.