Macerich acquires remaining 50% interest in 5 former Sears boxes from Seritage

Macerich has purchased the remaining 50 percent interest in five former Sears boxes from joint venture partner Seritage Growth Properties. Each parcel is now wholly owned and controlled by Macerich.

The five properties where these Sears boxes are located, all high-performing Regional Town Centers in the Macerich portfolio, include Danbury Fair in Connecticut, Los Cerritos Center in California, Washington Square in Oregon, Chandler Fashion Center in Arizona and Freehold Raceway Mall in New Jersey. Total gross leasable area of the five former Sears boxes is approximately 819,000 square feet.

“Macerich is pleased to gain full ownership and control of these former Sears boxes at five of our top Regional Town Centers – all located in terrific suburban U.S. markets,” said Dave Short, executive vice president, asset management, Macerich. “Building on the prior leasing and activation of several of these boxes, this transaction allows us to continue to pursue redevelopm