Struggling retailer Sears has sold its Crabtree Valley Mall property for nearly $20 million, but the company will be staying at the mall as part of the agreement.
A spokesman for Sears confirmed that the sale was part of larger effort to shed some of its real estate properties, as the company attempts to return to profitability. The sale included a leaseback agreement that will keep the company in Crabtree.
“In February of last year, we announced our plans to market and sell at least $1 billion of certain real estate properties. As a result of these efforts, our Sears store at the Crabtree Mall was sold to mall owner CVM Holdings as part of the sale/leaseback agreement,” said Howard Riefs, director of corporate communications for Sears.
“Sears will continue to operate the store and lease it from (Crabtree Valley Mall) just as we do at a majority of our locations,” Riefs added. “We expect that this transaction will have no impact on our current day-to-day operations and we look forward to continuing to serve our customers and members at the Crabtree Mall.”
Sears did not say how long the lease agreement was.
The operators of Crabtree Valley Mall bought the Sears building for $19.5 million, according to Wake County deed records.
Efforts to reach representatives for the mall were not immediately successful.
The 168,000-square-foot building and 3.3-acre property have a total assessed tax value of $9.7 million.
Sears announced earlier this week that it was also auctioning off 16 other stores, and at the beginning of the year, the store announced it was closing 100 stores, including five in North Carolina. The closest to the Triangle was in Sanford.
Sears’ revenue fell nearly 28 percent to $4.4 billion in its most recent quarterly report, while same-store sales dropped 15.6 percent.
Sears has 12 stores and auto centers in the Triangle, including three non-auto stores in Raleigh.