In early 2019, customers carted out the last tires, TVs, and underwear from the Sears store in Boise. For more than two full years, the store at Boise Towne Square sat mostly vacant, except for a brief run as a Halloween shop.
Now, the store location has new owners.
Seritage Properties sold the 8 acre site and 120,800 square foot building last week according to Ada County property records. The buyer is MCG Boise Owner – which is controlled by Madison Capital Group of Charlotte, NC.
The former Sears store and parking lot are owned separately from the main portion of Boise Towne Square, which is controlled by Brookfield Properties. The JCPenney, Macy’s, and Dillard’s properties are also owned separately.
Brookfield’s Boise general manager Jack Yejekwe said they were aware of the purchase but didn’t have any additional detail to share.
Madison Capital Group primarily develops multi-family and storage unit projects around the country. The investment firm did not reply to our request for comment by deadline.
In a news release, Madison noted the purchase of the Boise Sears as well as another empty store in Savannah, GA.
“(Madison) has plans to re develop (sic) each box into a mixed-use development that could include residential housing and retail.”
Seritage previously marketed the store for a set of three retail spaces, with two connecting to the main mall, and a third accessed through an outside entry. Those plans never came to pass, and the sales flier no longer appears on the Seritage website.
MCG has acquired a string of properties across the country in recent months. A former Hobby Lobby in Baton Rogue will become self-storage. Empty land in Florida will turn into apartments. It even bought property next to Disney World for retail and apartments.
There are several other apartment complex projects underway near – though not attached – to Boise Towne Square. One won approval from Boise City Council last night and another got the go ahead this spring.