)
As malls around the country suffer from a growing number of department store vacancies, one D.C.-area mall is bringing in new concepts to fill old Sears space.
Seritage Growth Properties, the owner of the two-story Sears at the Fair Oaks Mall in Fairfax, is consolidating the department store on the first floor and bringing in Dave & Buster's and a new restaurant on the upper level, the Washington Business Journal reports.
The landlord is soliciting bids to renovate the 109K SF second floor, due on Sept. 25. It has told prospective bidders it has tenant work letters signed with Dave & Buster's, the arcade-restaurant chain, and Season 52, a restaurant with locations in Tysons and North Bethesda. This would be Dave & Buster's fourth location in the D.C. area, with existing venues in Springfield Town Center, Capitol Heights and Silver Spring.
In 2015, Seritage acquired a majority of Sears' real estate portfolio, and it has since begun leasing space to other retailers, often signing them at three to four times the rent the department store paid.
The second-largest mall in Virginia, Fair Oaks sits at the interchange of I-66 and U.S. 50. The 37-year-old, 1.6M SF mall underwent a multimillion-dollar renovation in 2014.
)
)
)
)
)
)
)
)
)
)
)
)