Seritage Growth Properties announces JV transactions with GGP
Seritage Growth Properties has sold interests in two retail portfolios to partner GGP.
Seritage Growth Properties sold its 50 percent interest in eight of the 12 retail assets owned in joint venture with GGP for $190.1 million. Additionally, the company sold its 50 percent joint venture interest in five assets for $57.5 million.
The company sold to GGP its 50 percent interests in the Sears parcels at the following eight assets for $190.1 million:
– Coronado Center (Albuquerque, N.M.)
– The Mall in Columbia (Columbia, Md.)
– Oakbrook Center (Oakbrook, Ill.)
– Paramus Park (Paramus, N.J.)
– Pembroke Lakes Mall (Pembroke Pines, Fla.)
– Ridgedale Center (Minnetonka, Minn.)
– Staten Island Mall (Staten Island, N.Y.)
– Valley Plaza Mall (Bakersfield, Calif.)
The existing joint venture will continue to own the Sears parcels at the following properties on a 50/50 basis:
– Alderwood (Lynwood, Wash.)
– Natick Collection (Natick, Mass.)
– Sooner Mall (Norman, Okla.)
– Stonebriar Centre (Frisco, Texas)
The company sold to GGP a 50% interest in the Sears parcels at the following five assets for $57.5 million:
– Altamonte Mall (Altamonte Springs, Fla.)
– Cumberland Mall (Atlanta, Ga.)
– Coastland Center (Naples, Fla.)
– Northridge Fashion Center (Northridge, Calif.)
– Willowbrook Mall (Wayne, N.J.)
The new joint venture will own and operate these assets on substantially the same terms as the existing joint venture.