Major mall REITs such as GGP Inc., Macerich and Simon Property Group
have arguably already captured the best of Sears Holdings’s fleet of
stores, through a series of 50-50 joint venture and outright sale
transactions since 2012.
Whatever is left of the Hoffman
Estate, Ill.-based retailer’s stores numbers less than 200 – and the
company continues to announce closings. Seritage Growth Properties, the
New York City-based REIT entity created in 2015 to lease and monetize
the Sears properties, holds those and market professionals are not
convinced that the remaining properties hold much value for landlords. .
. . more