October 5, 2018
Deal Watch Today

Sears' Newington outlet sold at $3.2M

PHOTO | Shops and Goods
PHOTO | Shops and Goods
The Sears Outlet store in Newington at 65 Holmes Road sold recently for $3.2 million.

The Sears Outlet store in Newington sold recently to a New York investor for $3.2 million, town files show.

Buyer MAG Real Estate Advisors, of Pleasanton, N.Y., paid Sears Outlet Stores LLC in early August just under $30 a foot for the 107,776-square-foot building on 9.4 acres at 65 Holmes Road, near Fenn Road, according to Newington's Economic Development Commission minutes.

MAG and Sears did not immediately respond to calls for comment.

However, Sears Outlet will remain open in the building for the time being, according to commission minutes.

Once one of America's leading and storied retailers, Sears, under the ownership of Greenwich hedge-fund magnate Edward Lampert, in recent years has shuttered hundreds of stores, including some in Connecticut, and sold off store leases and buildings -- a victim of the changing retail landscape that features more online transactions.

Two of Sears' remaining Connecticut stores are in Manchester's Shoppes At Buckland Hills and the Westfield Meriden Mall.

The former Sears department store and auto-service center properties in West Hartford's Corbin's Corner Shopping Plaza was recast into an upscale retail complex.

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