A former Sears location at the Ingram Park Mall in San Antonio, TX was recently sold to a furniture retailer. The big-box space has been vacant since 2018 when the national retailer filed for Chapter 11 bankruptcy and the mall itself went into foreclosure in July 2021 due to economic impacts from COVID-19. It was bought by a Morgan Stanley affiliate for approximately $100 million.
The exact terms of this deal remain undisclosed, however, according to reports from San Antonio Business Journal someone representing Phoenix-based Mega Furniture took out a loan of $4.88 million from KS StateBank as part of this transaction. Bexar County Appraisal District’s 2023 valuation marks its assessed value at around $7.2 million with an area size measuring 169,000 square feet in total.
Mega Furniture is now taking over ownership rights on this onetime Sears store located within Ingram Park Mall and is expected to make use of it soon enough.
