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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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