Former Sears at Sunrise Mall on Market for $8MAug 31, 2022 12:00AM ● By By Thomas J. Sullivan
Colliers Retail Capital Markets image of Sunrise Mall Sears building now listed for sale for $8 million. Photo courtesy of Sunrise MarketPlace
CITRUS HEIGHTS, CA (MPG) - The shuttered Sears Roebuck store and two adjacent buildings situated on a 21.3-acre parcel of commercial land at Sunrise Mall in Citrus Heights is up for sale with an asking price of $8 million, according to the listing broker, Colliers Retail Capital Markets, based in Southern California.
A sales brochure published on the web by Colliers on August 25th describes a “unique opportunity to purchase three separate buildings which total some 281,278 square feet at a listed cost of approximately $28.44 per square foot.
The vacant former Sears, at 5900 Sunrise Boulevard, was built in 1972, and last renovated in 1999.
The listing includes the approximate 247,641 square-foot, three-story Sears retail store, a 24,107 square-foot, multi-bay auto center and a 9,530 square-foot former parts and service center.
The property description states, “A rare opportunity to acquire approximately 21.3 acres of commercially zoned land in the Sacramento area at an asking price well below replacement cost.”
Asking price is $8 million with $4 million down financed at a 3.5 percent interest rate over 30 years, according to Colliers.
News of the upcoming commercial property sales listing was provided by Kathilynn Carpenter, executive director of Sunrise Marketplace. Adjacent to the Sunrise Mall, the former Sears sits on what is described as the second busiest intersection in all of Sacramento County.
The Sunrise Mall is the centerpiece of the Sunrise MarketPlace shopping district that features over 2.2 million square feet of retail inventory, according to Carpenter.
The property is being marketed by El Warner, a retail specialist for Colliers International Los Angeles-Orange County Office and Jordan Gomez, associate vice president and team leader of the Private Capital Group at Colliers International.
Calls to the southern California office of Colliers International for comment were not returned.
“This property features ±21.3 acres of commercially zoned land primed for redevelopment in a city (Citrus Heights) excited to work with mall owners and provide them with the opportunity to densify, diversify, and breathe new life into the heart of the City,” according to the listing brochure.
Sunrise Mall sits on the second busiest intersection in all of Sacramento County in between the largest employment center outside of downtown Sacramento.
Potential buyers are advised that the former Sears offers an “irreplaceable in-fill location in Citrus Heights and an exceptional redevelopment opportunity with the ability to add multiple pads.”
The sales brochure can be viewed at: www.crexi.com/properties/885914/california-former-sears-at-sunrise-mall.