The Staenberg Group has acquired the Sears building at the Chesterfield Mall in a deal that will give the firm control over the future of the mall, company officials said.
TSG, which is led by Michael Staenberg, did not disclose terms of its acquisition of the 170,000-square-foot property from Sears Holdings Corp (NASDAQ: SHLD). TSG Vice President of Leasing and Development Tim Lowe said that by buying the building, which faces “the front door” of the mall at Clarkson Road and Interstate 64, “the Staenberg Group can control and lead the redevelopment effort of the Chesterfield Mall.”
The Sears store will remain open for the immediate future, TSG officials said.
The deal marks the next chapter for the struggling mall, whose future has been the subject of speculation for several years. In 2016, the Chesterfield Mall was foreclosed after its previous owner, Tennessee-based CBL Properties (NYSE: CBL), which also owns West County Center and other regional malls, defaulted on a $140 million loan. C-III Asset Management LLC was later conveyed the property, and NAI Global is marketing the mall on behalf of C-III. No listing price was disclosed.
