PORT ST. LUCIE, FL-Sears, Roebuck and Co. has acquired a 114,500-sf Kmart lease in Port St. Lucie, FL, in a deal valued at $15 million for the remainder of the existing lease period. The price equates to approximately $8.73 per sf.The lease, at Shoppes at St. Lucie West, expires in 2019, but also has 10 five-year renewal options. The value of the lease would be another $50 million for the options.Sears is scheduled to open there in mid-2005. For 10 years, Kmart has been an anchor tenant at the shopping center, along with Publix Supermarkets. The deal is part of Sears’ effort to grow its off-mall presence on a national level. On June 30, Sears said it was acquiring up to 54 Kmart stores and seven Wal-Mart stores.As part of its Port St. Lucie acquisition, Sears is planning to renovate the store’s interior and use Sears Grand merchandising and design elements in a mid-size format. This Sears will be one of the biggest of the company’s new stores.Menin Development Cos. Inc., based in Palm Beach Gardens, FL, is the owner and property manager of Shoppes at St. Lucie West, which has more than 200,000 sf of leasable space. In addition, Menin Development Cos. plans to expand the retail center by more than 200,000 sf on an 18-acre, adjacent parcel next year. Other current tenants there include GNC, Radio Shack and CardSmart.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.