Simon Property Group has acquired the former Sears building at the Town Center at Boca Raton for $23 million. The 180,029-square-foot space, which has remained vacant since Sears closed its doors in 2018, was sold by Seritage Growth Properties—the company responsible for divesting former Sears locations across the country.
According to the South Florida Business Journal, the former department store, which opened in 1980, occupies an 18.6-acre site on the west side of the Town Center. Despite the long-standing vacancy of the former Sears location, the mall remains one of South Florida’s busiest retail destinations.
Town Center at Boca Raton spans approximately 1.77 million square feet and features prominent retail anchors, including Macy’s, Neiman Marcus, Saks Fifth Avenue, and Bloomingdale’s.
The acquisition aligns with Simon Property Group’s broader investment strategy. It recently completed a similar transaction by acquiring the ground lease of JCPenney at Dadeland Mall, another high-profile shopping center in South Florida.
This deal further marks Seritage’s exit from the South Florida market, following earlier sales of former Sears stores at Miami International Mall and Broward Mall in 2024.
