Mall owner buys Sears store at Polaris, 3 others

COLUMBUS — Polaris Fashion Place owner Washington Prime Group announced late Monday that it has signed a deal to acquire the Sears store and adjacent Sears Auto Center there and at three other top malls in Texas, Iowa and Colorado that it owns.

Plans over the long term call for their redevelopment.

The combined purchase price is $28.5 million.

Washington Prime will continue leasing the stores to Sears at Polaris but will have the right to terminate store leases under certain circumstances.

In its statement, Washington Prime referenced a plan to continue “creating hybrid town centers which capture both open-air and enclosed retail space as well as assessing the viability for non-retail use,” such as offices or apartments.