Columbus, Ohio Westland Mall Sears Property Finally Sold for Redevelopment

Posted May 7, 2019

In 1031, Apartments, Columbus, Commercial, development, net lease, nnn

Westland Mall, along with Eastland and Northland malls, were developed in the 60s with the anchors, Lazarus, JC Pennys and Sears first and the remaining mall built after the anchors. The large anchors owned their land and improvements. They signed a reciprocal easement agreement stipulating that neither the mall developers or the anchors can do anything with the larger property without agreement of all.

Plaza Properties has long owned 60+/- acres, but not the Sears store, auto center or the land. The former owner of the Sears property has long vetoed the sale, and consequently, the redevelopment of the entire mall. Given that the Sears store closed in September 2017, the owner decided to finally sell. Buyers LGR Weston and affiliate Plaza Properties closed on the former Sears, auto center and 22 acres on April 18.

Now that Plaza and LGR owns the entire 88 acres, redevelopment plans can move forward. Not much is known about specific plans, but one could assume a mixed use, net lease retail, multifamily residential and maybe some office development that somehow compliments the casino will move forward quickly.

This property has long been a thorn to the Columbus westside and is key to development of the entire area.

I’m sure we’ll see and hear plenty in the coming months as just about everyone is onboard to move the development along the approval process quickly. Also is unknown whether it will remain in Franklin and Prairie the township or be annexed into Columbus.

https://www.dispatch.com/business/20190426/westland-sears-property-sells-hinting-at-brighter-future-for-closed-mall

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