The Atlanta Journal-Constitution
WHAT’S NEXT FOR SEARS STORE AT GWINNETT MALL
It’s unclear what the plans are for the soon-to-close store.
A luxury apartment developer has purchased the soon-to-be-closed Sears building at Gwinnett Place Mall.
County officials have long desired redevelopment of the mall, which is largely empty after once spending decades as the county’s crown jewel of retail. North Carolina-based Northwood Ravin’s purchase of the Sears property could be a big step toward the revitalization of the property, a key piece of real estate in the middle of a signifificant job and population center for both Gwinnett and metro Atlanta.
“The Gwinnett Place Mall is a catalyst redevelopment site for the (northeast) Metro Atlanta region and our goal is for an experienced and successful redeveloper to take on the project,” Nick Masino, Gwinnett County’s top economic recruiter, said in an email Tuesday. “We are happy to see the recent interest and progress being made. “
Northwood Ravin — which has nearly three dozen properties in the Carolinas, Florida, Texas, and two in the Decatur area — closed last month on its purchase of the 11-plus acres that holds the mall’s location of the long-struggling depart- ment store. Sears announced May 31 that the Gwinnett Place location was among the dozens of stores included in its latest round of closures.
The store was originally expected to close in September. It was unclear if the sale would affect that schedule.
Northwood Ravin did not respond to several requests for comment regarding the purchase on Tuesday. It was unclear what it may be planning, or when. Joe Allen, the director of the Gwinnett Place Community Improvement District, said the developer did not wish to comment but was “currently very active researching all of their options.”
“They are looking at various concepts, various options for what can be done with that property,” Allen said, before adding, “this could be a game changer for this area.”
G win nett County Commissioner
Jace Brooks called the purchase “a very positive move toward meaningful redevelopment” at the mall.
Gwinnett Place was booming in the 1980s and 1990s, but has struggled recently, in part to the decline of large retail box stores as consumers shop online and the opening of the Mall of Georgia in Buford. The mall is now about half full in terms of non-anchor tenants.
Gwinnett Place Mall’s current owner, Moonbeam Capital Investments, also did not respond to multiple requests for comment over the last week. Some local officials, including Allen and Brooks, have complained about Moonbeam’s lack of action to revitalize the mall.
Moonbeam, which bought the mall in 2013, has said it plans to redevelop the property. In a statement last year, the company said that, among other possibilities, “a number of national-caliber real estate development teams [had] proposed joint-venture opportunities to us.”
It was not clear if Northwood Ravin is working with Moonbeam, or if it plans to.
“The interest and involvement by afirm with the experience and reputation of Northwood Ravin is encouraging and exciting,” Gwinnett Commission Chairman Charlotte Nash said.
It is not uncommon for a mall’s anchor stores to own their own buildings and surrounding property. Property records suggest each of Gwinnett Place’s remaining three anchors — Macy’s, Mega Martand Beauty Master — also own their buildings. (Macy’s has, in fact, recently sold part of its parking lot for Gwinnett County to use in the expansion of its nearby transit center).
The rest of the mall, including the long-empty anchor location originally occupied by Parisian, is owned by an LLC with thes ame address as a Las Vegas penthouse registered to Moonbeam CEO Steven Maksin.