Former Sears Building in Colorado Springs to be Renovated
A former Sears retail building located at 2050 Southgate Road in Colorado Springs, has sold for an undisclosed amount.
Brian Cox and Steve Suechting of Lee & Associates – Denver represented the seller of the 145,675-square-foot retail building, and Paul Rubley with Olive Real Estate Group represented the buyer, Sears Holding.
The buyer plans to renovate and subdivide the property so that it can be rented out to multiple tenants.
“Since the space does not have any restrictions or covenants with the C5 zoning, the buyer has the opportunity to use the space for many uses,” said Brian Cox of Lee & Associates Denver.
Sears Holdings filed for Chapter 11 bankruptcy on Oct.15, 2018, at which time it had 700 stores across the U.S., $6.9 billion in assets and $11.3 billion in liabilities. Eddie Lampert, chairman of Kmart, purchased Sears for $11 billion in 2004, changing the name of the company to Sears Holdings.