February 24, 2026

Attention, Sears shoppers! 14-acre Redmond TOD site could be yours

Photo via Heartland [enlarge]

The property, south of Overlake Village Station, now has six separate parcels.

In the long saga of Sears' demise, the once mighty American retail colossus has gradually dwindled. As of last fall, the over century-old chain had only five locations left. It once operated some 3,400 stores across the nation and beyond.

Over in Redmond, well before the recent opening of Overlake Village Station, the Sears-related REIT dubbed Seritage Growth Properties began planning a new future for an L-shaped and roughly 14-acre property at and around 2200 148th Ave. N.E. That's a little south of the freeway and light-rail station, and includes the Red Robin on the corner of 24th.

Seritage and planner Jerde Partners began their mixed-use pitch to the city of Redmond back in 2017. A few years later, the city approved a master plan including 443 apartments, a possible hotel, retail, restaurants and public space. That could all total around 1 million square feet.

GGLO later came on board as the architect. PCL Construction and McCann Construction have done the early groundwork and demolition. Most of the site is asphalt parking and bare dirt, and now it could be yours.

Rendering by GGLO [enlarge]

A past depiction of the Seritage mixed-use campus.

Heartland and West Coast Commercial Realty put the property on the market last Friday, unpriced. The deadline for offers is March 27.

It's a monster offering. Marketing materials say about 7 acres can be developed, and that the interior driveways will be complete by summer. The brokers call it “Redmond's next great urban village.”

They continue, “This mixed-use hub brings together midrise housing, creative retail, public spaces and cultural experiences that are uniquely Northwest and globally recognized. The Seritage site is ready to shift from a suburban superblock to a highly walkable ‘center of gravity' for the Overlake district.”

The brokers at Heartland are Matt Anderson, Chris Fiori and Evan Schneider, working with WCCR's Tiffini Connell. They're offering tours, or you can drive over yourself to see the property. Their flyer correctly notes the site's close proximity to the Microsoft campus and other Eastside tech employers.

An obvious selling point, too, is the coming 2 Line connection to Seattle. With entitlements in place, and Redmond's design review process now very streamlined, the offering isn't quite shovel-ready … but the shovel is at least within reach. After the land sale(s), one could imagine excavators digging by 2028 or so.

Do you have to buy the whole enchilada, or only parts thereof? Ask the brokers. Marketing materials indicate three large parcels (one including the city-mandated Da Vinci Park, to the east), and three small ones. Lot lines for those distinct parcels were redrawn four years ago to create the new streets, etc. So selling piecemeal isn't out of the question.

Hints of a pending sale have been obvious since last fall. Potential buyer Erickson Senior Living then filed a campus redevelopment plan, which has since been quiet but isn't dead.

And Seritage told The New York Times last fall that it was selling assets in order to repay a Berkshire Hathaway loan then worth about $1.6 billion. Seritage is run by billionaire hedge-funder Edward Lampert. He acquire Sears (and Kmart) during 2003-2005. Berkshire is also an investor in Seritage.

In our market, most all the shuttered Sears and Kmart properties have been sold already. The Southcenter Sears went on the market in 2024, but no buyers have emerged. Merlone Geier Partners bought the Shoreline Sears, and has redevelopment plans there. When the entire Sears portfolio was offered in 2018, we had 47 stores in our state. There are none today. The large landmarked Sears building in SoDo is today Starbucks Center, which Daniels Real Estate and Nitze-Stagen converted to offices during the 1990s.

What does the Overlake assemblage not include? The Seritage L-shape wraps around the former Sears Auto building, which Seritage sold to Regency Centers in 2019. That's been repurposed as line retail, with Five Guys among its tenants. Next to that, Regency owns and operates Overlake Fashion Plaza, home to Marshalls, Panda Express and others.