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New York & Tri-State   /   May 23, 2018

Paul Bubny
By: Paul Bubny

Seritage, First Washington JV on Redeveloped Sears Site

Seritage Growth Properties and First Washington Realty have formed a joint venture partnership to own The Corbin Collection, the redevelopment of the former Sears store and auto center in West Hartford, CT. The transaction values the 163,700-square-foot center at approximately $52 million.

Under terms of the JV, Seritage sold a 50% interest in the project to an affiliate of First Washington, and received proceeds of approximately $23 million at closing. The partnership simultaneously closed on a $20-million loan with M&T Bank, that can be increased by an additional $10 million subject to the achievement of certain criteria.

“We have curated a diverse group of national, growing retailers in West Hartford,” said Seritage CEO Benjamin Schall. The tenant roster includes REI, Saks OFF Fifth, Buy Buy Baby, Cost Plus World Market and Shake Shack.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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