Seritage Growth Properties

Seritage Growth Properties is a publicly traded REIT primarily engaged in releasing and redeveloping its 253 property portfolio into first class multi-tenanted shopping centers. The portfolio contains over 40 million square feet of building space across 49 states and Puerto Rico. Pursuant to a master lease, 230 wholly-owned properties are leased to Sears Holdings and are operated under either the Sears or Kmart brand.

The master lease provides Seritage with rights to recapture certain space from Sears Holdings at each property. In addition, Seritage has 50% interests in 28 additional properties through joint venture investments with General Growth Properties (9 properties), Simon Property Group (10 properties), and Macerich (9 properties) that are also master leased to Sears Holdings.

Growth & Transformation

Seritage Growth Properties

Four new-to-market retailers made their debuts at Virginia Beach, VA at Pembroke Mall this quarter:

  • Nordstorm Pack
  • The Fresh Market
  • REI
  • DSW

The recently opened stores were a part tof a greater redevelopment of the former Sears anchor at the mall. "We are extremely pleased with the addition of Nordstrom Rack to the retail mix at our center," said Ramsay Smith, president of Pembroke Commercial Reality LLC.

"We believe Nordstrom Rack and other retailers coming to Pembroke Mall will secure the Mall as a top destination in the market for many years to come."

The new stores each enjoyed vibrant grand openings reviving the west end of the mall. The large scale Virginia Beach project is a part of many retail redevelopments initiated by Seritage Growth Properties (NYSE: SRG).