Old Sears store set to be sold at Mall at Fox Run: Here's what we know.

NEWINGTON — Changes might be on the way for the vacant former Sears store at the Mall at Fox Run.

Officials with the mall and the town have confirmed the old Sears space is under contract to be sold and is in the due diligence phase.

The sale is not final and the identity of the buyer wasn't confirmed by local officials.

Newington's Economic Development Committee was informed in June that Seritage Growth Properties, the owner of the former Sears, had sold the property, according to Michael Donahue, a member of the committee. The identity of the buyer was not released to the committee, he said.

Newington Town Administrator Martha Roy said while she doesn't know the buyer's identity, town officials are “closely watching the sale and waiting to see the outcome.” Roy said the sale could affect the property tax rate in the small town, which has a population of less than 1,000 people but is home to large shopping centers like the mall.

Roy said the town has high hopes for the property sale, and noted the buyer will have to meet with the Newington Planning Board and town planner to ensure the use of the property aligns with zoning rules.

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Sears left the Mall at Fox Run in 2019. The company announced the closure of more than 140 locations in 2018, filing for bankruptcy after more than 130 years in business.

Last year, a state of New Hampshire COVID-19 vaccine clinic temporarily took over the former Sears space at the Mall at Fox Run, but it has remained mostly vacant.

The mall's anchor store spaces, like the former Sears, are owned and managed independently from the overall mall management.

The Mall at Fox Run, which is about 600,000 square feet on one level and was built in 1983, has also seen a lot of changes in recent years. The mall has been managed by Jones Lang Lasalle and Simon Properties in the past. Since 2018, Spinoso Real Estate Group has leased and managed the core of the mall.

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In recent years the mall management has shifted its focus away from the traditional retail approach and moved toward a local experience-based mall, a community hub where one could shop, dine, dance, or learn something new like jujutsu.

"We are looking forward to the continued evolution of the Fox Run Mall," said Eric Braiser, general manager of the mall.

The sale of the Sears property, if finalized, would be the latest major retail space sale in Newington.

The Crossings shopping center, home to Best Buy and Kohl's among other retailers, was acquired by RPT Realty in an off-market $104 million deal earlier this year. Nearby, real estate development and investment company Torrington Properties in 2021 acquired the Newington Park Shopping Center, home to Savers and other retailers, for $13.3 million.

This article originally appeared on Portsmouth Herald: Mall at Fox Run: Old Sears store to be sold in Newington, NH