A real estate spinoff from former retail giant Sears is pushing to sell off one of its remaining properties, which happens to be in Washington state.
Last year, The News Tribune wrote about the former Sears site at Overlake Plaza property in Redmond, formerly home to a Sears store, which closed in 2018. Demolition took place in 2022.
The department store, which opened in 1971, was one of the chain’s largest at the time, at more than 268,000 square feet on more than 14 acres.
In a Feb. 24 media release, Heartland LLC, a Seattle-based real estate advisory and investment firm representing property owner Seritage Growth Properties, announced it was marketing the Overlake Seritage property.
Seritage was formed in 2015 to take on more than 200 properties nationwide from Sears Holdings — primarily Sears and Kmart store locations. The two retailers merged in 2005, creating Sears Holdings with around 3,500 stores.
By 2022, Seritage moved to sell its handful of assets, and Sears itself is down to five U.S. stores in operation.
According to Seritage in a November 2025 news release, “The remaining assets are either being marketed or are expected to be marketed at the appropriate time based on market conditions, and, as a result, any sales thereof are anticipated to occur in 2026 and beyond.”
So begins the marketing for the Redmond property, a master-planned, transit-oriented site near the Overlake Village light-rail station and Microsoft’s headquarters.
According to the Feb. 24 marketing release, the site comes with an approved development agreement “vested through 2039,” completed environmental review, finalized master plan, more than $21 million in infrastructure already invested, and 6.9 net developable acres within a 14-acre district-scale plan.
“The site’s zoning allows for flexible mixed-use development, including multifamily, retail, hospitality, senior living and office uses, with the capacity to allocate uses across parcels,” the release stated.
In a separate statement in response to questions, The News Tribune was told by a representative for the entities, “Heartland and Seritage are not specifying any pricing guidance for the offering, but rather look forward to proposals from interested investors on March 27.”
Matt Anderson is principal at Heartland, LLC. In a statement, he told The News Tribune via email, “In the volatile real estate market that we have been in, many single-use properties like big box retail centers and office parks are increasingly viable for mixed-use redevelopment. There is a critical shortage of workforce housing in both King and Pierce counties, which is opening up new possibilities for redevelopment.”
