Electra, BH purchase former Cutler Bay Sears store for $34M
Electra America and BH Group added a former Sears store to the joint venture’s Southland Mall assemblage slated for a $1 billion overhaul.
The joint venture acquired the 130,000-square-foot big box building for $34 million from Seritage Growth Properties, the New York-based Sears spinoff that is shedding real estate assets in South Florida and other parts of the U.S., according to a press release. Michael Fay and John Crotty brokered the sale, and Miami-based BridgeInvest financed the deal with a $21.2 million loan.
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