Contact Us
News

Former Santa Monica Sears To Transform Into 100K SF Mixed-Use Development

Want to get a jump-start on upcoming deals? Meet the major Los Angeles players at one of our upcoming events!

Seritage Growth Properties and Newport Beach-based Invesco Real Estate has begun construction on the 100SK mixed-use The Mark 302, a former Sears building.
Rendering of The Mark 302 in Santa Monica

Construction has begun to transform the iconic former Sears building in Silicon Beach into a modern-style mixed-use development with creative office and retail.

In a JV, REIT Seritage Growth Properties and Newport Beach-based Invesco Real Estate co-own and are developing The Mark 302, a 100K SF mixed-use campus at 302 Colorado Blvd. in downtown Santa Monica.

With views of the beach and Pacific Ocean and a downtown landscape, The Mark 302 will feature a multi-level workspace with natural light, a private rooftop deck, indoor and outdoor workspaces, and retail and restaurants on the ground floor. 

Seritage Growth Properties and Invesco Real Estate began construction on The Mark 302, a 100K SF mixed-use development in Santa Monica.
Rendering of The Mark 302 in Santa Monica

The project will convert the building at the gateway to Santa Monica into a breathtaking office and retail destination, Seritage President and CEO Benjamin Schall said in a news release.

Sears had operated at that Santa Monica location for nearly 70 years. It closed last year. The building became a city landmark in 2004. 

Seritage, a spinoff REIT of Sears Holdings, took control of that Sears building and about 235 other Sears and Kmart stores nationwide in 2015.

Earlier this year, Seritage sold a 50% interest in the Santa Monica project to Invesco for $50M.

This is the second development from this partnership. Earlier this year, Seritage sold Invesco a 50% interest of The Collection at UTC, a 200K SF redevelopment project in La Jolla.

The Mark 302 is expected to open in fall 2019.