Rialto Sells Former Sears in Northeastern Philly for $29M
- Nov 24, 2020
Rialto Capital Advisors has sold Great Northeast Plaza, a 237,151-square-foot retail asset in Philadelphia, for $28.8 million. A partnership of Abrams Realty and Development and Bock Development acquired the former Sears location in a deal brokered by Colliers Retail.
The new owner plans to reposition the property as a new retail center, under the “Court at Cottman” signature, preserving the existing three-story building. Sears Holdings Corp. closed its store at Great Northeast Plaza in 2018, when the company terminated more than 100 Sears and Kmart locations across the U.S.
The property is located at 2201 Cottman Ave., in Northeast Philadelphia and is part of a Macy’s- and Target-anchored retail area adjacent to Roosevelt Boulevard. The asset sits 10 miles from Center City, while Interstate 95 is less than 3 miles away. SEPTA bus routes 58, 70 and 77 include stops at the location.
The Colliers Retail team included Jon Kieserman and Todd Sussman, who will also be in charge of leasing efforts. Earlier this month, the brokering firm arranged the sale of a 56,000-square-foot retail center in Virginia. Rafinia Property Group purchased the asset in a $2.2 million deal.