Monday, November 30, 2020

Joint Venture Buys Former NE Philadelphia Sears in Redevelopment Play

By Ann Warren Harless CoStar Research

 A joint venture between Abrams Realty and Development and Bock Development has purchased a former Sears store in Northeast Philadelphia and plans to redevelop it.

Abrams and Bock acquired the three-story, 237,151-square-foot retail property located in the Great Northeast Plaza from Rialto Capital Advisors for $28.75 million.

The Great Northeast Plaza Sears store closed in April 2018 when parent company Sears Holdings announced it was closing over 100 Sears and Kmart stores across the country.

Abrams and Bock plan to redevelop the former Sears store into a new retail center called the Court at Cottman, which is named after the store's address, 2201 Cottman Ave. Details regarding the redevelopment project, though, have not yet been disclosed.

"Our team has an exciting and creative game plan to bring this outstanding real estate back to life," Peter Abrams, owner of Abrams Realty and Development, said in a statement.

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