After four years of sitting empty, the St. Paul Sears store near the State Capitol has sold for $7 million, marking a new chapter for the old department store.
The news symbolizes a major turning point for one of St. Paul's prime development sites.
The approximately 60-year-old Sears building between Marion and Rice streets has been closed since January 2019.
The new owners are a group called Pacifica St Paul LLC, comprised of Chicago area-based developer the Windfall Group, which Eddie Ni leads. Marshall Nguyen, a local real estate broker for the Caspian Group,is also part of the ownership group and helped broker the deal, which became public through an electronic certificate of real estate value last week.
"I think people that know St. Paul, people that know real estate, everybody understands how important the site is," Nguyen said. "It's very high-profile. We are just happy that we were able to pull it off."
Pacifica has "a lot of different ideas of what could do well" at the site, which is about 17 acres and includes two parcels encompassing the store and its surrounding parking lots, Nguyen said. The group will likely not pursue an office use, he said.
The ownership is looking at the potential of buying and redeveloping other Sears across the country. Twin Cities officials and residents have eagerly discussed concerns about the fate of numerous vacant department stores, including the closed Sears at Burnsville Center, which is in a state of disrepair.
The timeline for the development of the St. Paul site is still to be determined.