VALLE VISTA MALL SELLS FORMER SEARS STORE

VALLE VISTA MALL SELLS FORMER SEARS STORE

Retail Sale Part of Mall Repositioning in Reaction to Changes in Retail Landscape

McAllen, TX (October 5, 2020) – Coldwell Banker Commercial represented ownership in the sale of the former Sears store that previously was one of the anchor department stores at Valle Vista Mall in Harlingen, Texas. The mall is located at U.S. 77 and 83, which is central in the Rio Grande Valley metropolitan area. The sale is part of an effort to recapitalize and reposition the 739,000 square foot retail center which has been impacted by the changing retail landscape across the country. The seller was Valle Vista Mall Realty Holdings, LLC based out of New York and the transaction was closed late September.

The 90,000 square foot store, located at 2020 S Expressway 83, was vacated at the end of 2018 after Sears eliminated 141 stores in one of several restructurings. Valle Vista Mall is a regional shopping mall built in 1984 and renovated in 1993. Sears had been one of the property’s anchor tenants since the mall opened.

The buyer of the property is ZE Valle Vista Realty, LLC. The acquiring company plans to redevelop the property in the immediate future.

“Since the store opened, the population of the greater Rio Grande Valley has doubled to approximately 1.3 million residents. The area’s retail market continues to be active, but consumers’ shopping habits have changed,” said Daniel Galvan, CCIM, SIOR, broker/owner of Coldwell Banker Commercial Rio Grande Valley. “We worked with ownership to market this vacant space creatively and we are pleased that we were able to accomplish our goal.”

Coldwell Banker Commercial is leasing agent for the mall and is marketing additional spaces in the mall for lease and for sale.

About Coldwell Banker Commercial Affiliates

Coldwell Banker Commercial Rio Grande Valley, the local affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. Since 1906, the Coldwell Banker Commercial brand has been a premier provider of real estate services, recognized globally as a company that puts the client first while delivering individual, distinctly different service. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbworldwide.com# # #

Contact:  Daniel Galvan, 956.451.2983 or dgalvan@cbcworldwide.com