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