February 17, 2016
Clayton Lane Sold, Sears Redevelopment Planned in Cherry Creek North
The Denver Post
Cherry Creek North's shuttered Sears store could be poised for redevelopment under new ownership.
San Diego-based OliverMcMillan and Invesco Real Estate of Atlanta announced Tuesday they purchased the retail portion of Clayton Lane, the six-building mixed-use development anchored by Whole Foods Market and Crate & Barrel. The purchase price was not disclosed.
The property, which spans East First and Second avenues between Josephine and Detroit streets, includes more than 182,000 square feet of retail space, as well as underground parking. The sale did not include the JW Marriott hotel property or the office portions of the development.
"We are pleased to be partnering with Invesco Real Estate on this exciting property located in such a distinct and vibrant neighborhood within Denver," OliverMcMillan CEO Dene Oliver said in a statement. "We look forward to being a part of the Cherry Creek North community."
A spokesman for OliverMcMillan declined to comment Wednesday on future plans, but according to the company's website, the new ownership group plans to "redevelop the site into a true mixed-use community."
The 150,000-square-feet Sears building has been empty since the store closed in March.
"The former Sears building, which now sits vacant, will be demolished to make way for a pedestrian-friendly street that runs throughout, connecting the various uses and retailers," according to the website.
Link to the original article here.