Tuesday, March 13, 2018

Mall owner to acquire four Sears stores

Chain Store Age

Washington Prime Group Inc. has signed an agreement to acquire four Sears stores in a sale-leaseback transaction.

Under the terms of the deal, whose purchase price was put at $28.5 million, Sears will continue to operate the properties (for a time) under new leases with Washington Prime, which will have control of the sites for future redevelopment. Aggregate base rent under these leases is approximately $1.25 million per year.. . . more