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imon Property Group has acquired a former Sears store at Town Center at Boca Raton from Seritage Growth Properties for $23 million, ending a two-year dispute. The sale follows a 2023 court ruling that prevented Seritage from redeveloping the property for non-retail uses like dining and entertainment.

    The Sears store, which closed in 2018, had been vacant since then. Seritage had planned to redevelop it into a shopping, dining, fitness, and entertainment center, but Simon sued, claiming an agreement between the two companies gave them the right to purchase the property if non-retail uses were involved.

    A court ruling in 2023 sided with Simon, concluding that services provided at restaurants, gyms, and entertainment venues are not retail uses. The acquisition is part of a larger trend for Simon, which recently purchased the ground lease for a JCPenney store at Dadeland Mall for $15.6 million.

    Meanwhile, Seritage has redeveloped another former Sears store at Aventura Mall into an open-air mixed-use facility called Esplanade at Aventura. The property includes shops, restaurants, and offices. Simon owns the central component of Town Center at Boca Raton, a 1.8 million square-foot mall that also features big box stores from Macy's, Neiman Marcus, Saks Fifth Avenue, and Bloomingdales.