The retailer left the 97,000-square-foot building at DeSoto Square Mall this year.
The former Sears building at the DeSoto Square Mall in Bradenton is being converted into a space for self storage, a change of use the storage company’s director of operations says is in line with the needs of the community.
MCG Bradenton Sears LLC, registered to Madison Capital Group of Charlotte, North Carolina, filed a permit with Manatee County Dec. 6 for interior demolition and renovation of the former Sears retail and automotive store into a mini-storage business called Go Store It Self Storage.
Steve Makepeace, director of operations for Go Store It, said its typical process includes interior remodels and retrofitting the existing location. Madison Capital Group, which bought the Sears building in March for $6.75 million, is the parent company of Go Store It.
Makepeace said that there’s a lot of demand for self-storage in the area because of population growth.
“As you see growth in the area — whether it be single family or multi-family, especiallypeoplemoving down from the north — people are usually downsizing because the cost of living is more expensive,” Makepeace said. “When that happens, they find themselves in need of storage because they have items they don’t want to part with, that have intrinsic value.”
The new builds will be state-of-the-art and aesthetically pleasing, he said. Wherever Go Store It is, they make an effort to reach out to the community and work in tandem with local businesses. There’s an area of every office where they do cross-marketing for area companies.
Makepeace said staff is well-versed on storage, including the best ways to pack, store and protect items.
“There is obviously a demand for storage in that market, and we want to see if we could help provide it,” he said.
The 96,685-square-foot building housed Sears from the mall’s opening in 1973 until early 2019. The department store chain declared bankruptcy in October 2018 and the DeSoto Square Mall store was one of the casualties.
The building was owned by Seritage SRC Finance LLC of New York until Madison bought it in March. The rest of the mall is owned by DeSoto Owners LLC, registered to Meyer Lebovits of Brooklyn, New York.
The mall has been neglected for a long time. It has changed hands several times, most recently in March 2017 when it was sold to DeSoto Owners LLC for $25.5 million. Before that, it was owned by Mason Asset Management for five years.
It’s scattered with empty storefronts, including a defunct movie theater, and few national retailers have a presence there. Spencer’s is on its way out, and Charlotte Russe, Victoria’s Secret, Kay Jewelers and Payless ShoeSource closed this year.
Remaining stores include Rack Room Shoes, Champ’s Sports, Bath & Body Works, Hot Topic, JCPenney, Hudson’s Furniture and Your Treasure House, a resale store that opened in the former Macy’s space.
The mall is also facing a foreclosure lawsuit, filed by Romspen US Master Mortgage LP in August 2018. The suit alleges that as of June 19, 2018, DeSoto Owners LLC owed $21.79 million of the $22.85 million mortgage note it received in March 2017. A half-day trial is set for Jan. 30 at 1:30 p.m.
The property needs some serious work, and turning it around will be a massive — but not impossible — effort, said Stan Rutstein, a commercial real estate broker in Manatee County who spent years in the retail industry.
What the site needs is a visionary — someone who can picture what the community might need 10 or even 20 years from now, Rutstein said.
“It is an outstanding location with an outstanding parcel that needs to have a future site plan that will cover all elements of the community, with the support of the community,” he said. “That will take a major, major developer with very deep pockets and a ton of patience because it will set the stage for re-positioning that community. It could take a decade to get accomplished, because it’s so large.”
Rutstein said he doesn’t think self-storage will do anything for the property.
“I don’t think it's the best neighborhood for it, frankly. I also think that we have an overabundance of self storage, and we’re in a moderate income neighborhood, that has very little residential or commercial growth in it. And it's not going to help the property to any great degree,” he said.
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