Sears will NOT renew lease on 815,000 square foot warehouse…
The end of an era is approaching as Sears has quietly announced the company will not renew its lease on the mammoth 815,000 square foot warehouse according to the Daily Record.
Sears decided not to renew its lease at the 815,000-square-foot North Jacksonville warehouse it rents from Pattillo Industrial Real Estate, so the building will be available for new tenants in March.
Pattillo Vice President Peter Anderson said Monday the lease with Sears will expire and the department store company has not committed to renew it.
The structure was built at 2969 Faye Road in 2008 for Sears’ use, Anderson said.
Sears Corp. Holding spokesman Chris Brathwaite said Monday that the company made a business decision not to renew the lease.
“That said we have other facilities in the Jacksonville area and in Florida that are part of our network of warehouses and distribution centers serving our supply chain needs,” Braithwaite said.
Sears, based in Hoffman Estates, Ill., has been closing its Sears and Kmart stores in an effort to stay in business.
Anderson said he believes the structure to be the largest industrial building available for lease in the state. It is assessed at $28.8 million for tax purposes.