Macerich Buys Out Remaining 50% Interest in Five Former Sears Boxes

Santa Monica-based Macerich said Thursday it had acquired the remaining 50% 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 (CT), Los Cerritos Center (CA), Washington Square (OR), Chandler Fashion Center (AZ) and Freehold Raceway Mall (NJ). Total GLA 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, EVP, asset management. “Building on the prior leasing and activation of several of these boxes, this transaction allows us to continue to pursue redevelopment of these properties in any number of ways – from adding mixed-use and greater density, which is a hallmark of Macerich’s Regional Town Center strategy, to bringing in highly productive retail performers.”