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Washington Prime in Sale-Leasebacks on 4 Sears Stores

Washington Prime Group Inc. has agreed to sale-leasebacks on Sears department stores and adjacent Sears Auto Centers at four of the REIT’s shopping centers, including one at Polaris Fashion Place in Columbus, OH, where Washington Prime is based. Total sales price is approximately $28.5 million, and the company will have control of the properties for future redevelopment.

In addition to the Columbus center, the other SLB deals are for Sears locations at Washington Prime’s Longview Mall in Longview, TX; Southern Hills Mall in Sioux City, IA; and Town Center at Aurora in the Denver suburb of Aurora, CO.

Sears will continue to operate the properties under new leases with the company. That arrangement will be in place “for a period of time that provides us with a suitable timeframe to evaluate the best adaptive reuse,” said Washington Prime CEO Lou Conforti.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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