Macerich, a Santa Monica-based real estate investment trust (REIT), announced on Thursday that it had acquired the remaining 50% interest in five former Sears boxes from joint venture partner Seritage Growth Properties. Each parcel is now wholly owned and controlled by Macerich.
The properties are all high-performing Regional Town Centers located in Connecticut, California, Oregon, Arizona and New Jersey with a total GLA of 819,000 square feet. Dave Short EVP of Asset Management commented: “We are pleased to gain full ownership and control of these former Sears boxes at five top Regional Town Centers – all located in terrific suburban U.S markets.” He added that this transaction allows them to pursue redevelopment opportunities such as adding mixed-use elements or bringing highly productive retail performers into the space.
