Macerich Buys Remaining Interest in 5 Former Sears Spaces

Macerich (Santa Monica, Calif.), an owner, operator and developer of retail and mixed-use properties, said it has acquired the remaining 50 percent interest in five former Sears boxes from joint venture partner Seritage Growth Properties. Terms of the deal were not disclosed.

“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, Executive VP, Asset Management, Macerich. “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.”

The spaces involved are:

• Danbury Fair in Connecticut: The former Sears space is already leased to in-demand retailers Target and Primark. Primark is open and operating, while Target is under construction and set to open in spring 2024. The combined sales volume of the two uses will represent a dramatic increase over the prior Sears use.
• Los Cerritos Center in California and Washington Square in Oregon: Both are either in the process or are fully ready to undergo redevelopments. The company said it could replace the former department store anchor pads with such new uses as fitness, residential, hotel, offices, medical uses and more.
• Chandler Fashion Center in Arizona and Freehold Raceway Mall in New Jersey: Macerich will replace the prior use with multiple, high-traffic-generating retail/entertainment/ restaurant uses that are a fit for each of their communities. (Primark already is open in part of the former Sears space at Freehold.)

Macerich’s portfolio consists of 44 regional retail town centers concentrated in California, the Pacific Northwest, Phoenix/Scottsdale and the Metro New York to Washington, D.C. corridor.