By Mihaela Coste
Seritage Growth Properties sold its 50 percent interest in eight of the 12 retail assets owned in joint venture with GGP Inc. for $190.1 million. Additionally, the company sold its 50 percent joint venture interest in five assets for $57.5 million. The new partnership will own and operate the properties on the same terms as the existing one.
“Over the last two years, our partnership with GGP has commenced a series of value-enhancing redevelopments at high-quality Sears locations attached to dominant GGP retail centers. The transactions announced today allow Seritage to crystalize this value on eight of the existing 12 assets we held in partnership with GGP, and expand our partnership with GGP on five additional assets primed for redevelopment,” said Benjamin Schall, president & CEO of Seritage, in a prepared statement.
Eight Sears parcels
GGP acquired 50 percent interests in eight Sears parcels. The retail centers which include the parcels range between 764,996 and 2,166,615 square feet. The largest is Oakbrook Center, a retail property with more than 160 upscale specialty shops located at 100 Oakbrook Center in Oak Brook, Ill.
Coronado Center is a two-story enclosed shopping center located in Albuquerque and features 130 retailers and four department stores. The 1,111,697-square-foot asset was renovated in 2014.
The Mall is a 1,434,076-square-foot retail center situated in Columbia, Md., between Washington, D.C., and Baltimore. The asset features 215 retailers and an open-air shopping area with an AMC Theatre and several restaurants.
Pembroke Lakes Mall, a 1,135,374-square-foot shopping center located in Pembroke Pines, Fla., is home to 152 retailers, the tenant roster including Disney, Forever 21, Pandora and Victoria’s Secret.
The list also includes:
- Ridgedale Center in Minnetonka, Minn.
- Staten Island Mall
- Valley Plaza Mall in Bakersfield, Calif.
- Paramus Park in Paramus, N.J.
The existing joint venture will continue to own four properties on a 50/50 basis. The properties are located at Alderwood in Lynwood, Wash., Natick Collection in Natick, Mass., Sooner Mall in Norman, Okla., and Stonebriar Centre in Frisco, Texas. The shopping centers range between 504,308 and 1,703,715 square feet.
GGP also acquired 50 percent interests in five assets located in Florida, Georgia, California and New Jersey for a total of $57.5 million. The largest asset is part of the 1,518,006-square-foot Willowbrook Mall in Wayne, N.J.
The other properties are:
- Northridge Fashion Center in Northridge, Calif.
- Cumberland Mall in Atlanta
- Altamonte Mall in Altamonte Springs, Fla.
- Coastland Center in Naples, Fla.
Images courtesy of GGP Inc.