Macerich Buys 50 Percent Stake in 9 Sears Stores
ByMacerich Co. has paid $150 million for a 50 percent stake in nine Sears stores in its malls, forming a venture with the retailer.
The venture is similar to those Sears Holdings Corp. has structured with Simon Property Group and General Growth Properties Inc.
Sears has filed to spin off 254 of its properties through a public REIT, Seritage Growth Properties. The properties owned with Macerich, GGP and Simon will all be part of Seritage.
The stores at Macerich properties are occupied either by Sears or third parties. The retailer will lease back the stores it occupies under a triple-net master lease with a 10-year initial term and two five-year renewal options. It will pay $14.8 million in annual base rent. The venture between Sears and Macerich will be able to re-lease space that Sears doesn’t occupy, possibly at greater rental rates.
Sears said its venture with Macerich was another step in its transformation into an “asset-light retailer with less dependence on physical store locations.”…
Macerich Buys 50 Percent Stake in 9 Sears Stores
