Tobin Real Estate markets 148,857-square-foot retail complex for lease after successfully brokering new owner’s site acquisition
A former Sears site in Ocala, Florida will be reimagined as a bustling retail and entertainment destination. Tobin Real Estate is marketing the 148,857-square-foot redevelopment for lease after successfully representing the new owner in its purchase of the site.
Tobin Real Estate Senior Vice President Louie Granteed is leading leasing efforts after serving as investment group BSD Capital’s representative in its $3.2 million purchase of the 3100 SW College Road site through a private auction. Seritage SRC Finance LLC, an affiliate of New York-based Seritage Growth Properties, was the seller.
The 12.03-acre site includes the former Sears department store and a separate outparcel building that previously operated as the Sears Automotive Center.
“Our client plans to unlock the tremendous potential of this site,” Granteed said. “The redeveloped space is suitable for a wide variety of tenants, including big-box retailers, groceries and entertainment operators. We are already getting significant interest from potential tenants.”
The site is adjacent to the Paddock Mall, which is home to Belk, Macy’s, JCPenney and more than 90 specialty stores. It benefits from its location off the Southwest 27th Avenue business corridor and proximity to I-75. The Paddock Mall is the only enclosed mall in a 30-mile radius and attracts 3.3 million annual visitors from five surrounding counties.
Ocala is internationally known as one of the world’s four thoroughbred horse centers. In 2007, it earned the official distinction of “Horse Capital of the World®.”