Macerich Buys Out 5 Former Sears Boxes From Seritage

(RTTNews) - Macerich Co. (MAC), a real estate investment trust, said on Thursday that it has acquired the rest of 50 percent stake in five former Sears boxes from joint venture partner Seritage Growth Properties.

The financial terms of the transaction, completed in May, have not been disclosed.

The five properties where these Sears boxes are located, all high-performing regional town centers in the Macerich portfolio, include Danbury Fair, Los Cerritos Center, Washington Square, Chandler Fashion Center, and Freehold Raceway Mall, Macerich said in a statement.

Dave Short, Executive Vice President, Asset Management at Macerich, said: "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. Building on the prior leasing and activation of several of these boxes, this transaction allows us to continue to pursue redevelopment of these properties..."