California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Seritage, Invesco JV Moves on Sears Westfield UTC Redev Involving Equinox
Seritage Growth Properties and Invesco Real Estate formed a joint venture partnership to own The Collection at UTC, an adaptive re-use of the existing Sears store and auto center at Westfield UTC in La Jolla, CA. The transaction values the property at roughly $165 million, including costs remaining to complete the project.
Seritage sold a 50% interest in the project to a separate account managed by Invesco and received proceeds of roughly $44 million, which it utilized primarily to repay existing mortgage debt.
The partnership will invest, or pursue construction financing to fund additional capital required to convert the Sears space into 226,200 square feet for a collection of growing retailers and leading dining, entertainment and fitness concepts. Equinox will be a key part of the adaptive reuse.
Seritage’s Benjamin Schall says, the vision is of a “an upscale shopping, entertainment and dining experience.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development




