A new life is in store for one of the Chicago area's shuttered Sears. Seritage Growth Properties, the REIT established by Sears Holdings Chairman Eddie Lampert to manage the company's real estate holdings, leased its store at Orland Square Mall to AMC Theatres, which will redevelop part of the space into a 45K SF, 10-screen multiplex.
The new theater will deliver over 1,000 recliner-style seats and expanded food and beverage options, including the possibility of a MacGuffins bar and lounge.
Construction of the multiplex will begin next year. Sears has been an anchor tenant at Orland Square Mall since the center opened in 1976. It occupies 200K SF across two floors, but will downsize to the lower level. The AMC multiplex will serve as an anchor for a multi-tenant retail and entertainment component to Orland Square Mall. Seritage Growth Properties' move continues a trend across the country of landlords across the country re-leasing dark department store footprints at higher rents.
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