The Garden Oaks Sears store had been open for 70 years, but like the rest of the at-one-time dominant department stores, it closed down. It will soon be demolished to make way for a new mixed-use development.
The Houston Business Journal reports that Sugar Land-based Lamasar Capital acquired the property at 4000 N. Shepherd Drive, with financial support from Houston-based Summit Capital and Delta LP. The property includes the primary Sears store as well as an auto repair center.
The new development will include both retail and residential components. Lamasar Capital has tapped Fidelis to oversee construction of the new development, which is scheduled to wrap up in the next three to four years.