Seemingly lost in all this discussion is figuring out which of the remaining owned (not leased) properties would be prime pick-ups for Seritage?
Seritage has proven that they can take a distressed property that was a Sears or Kmart, carve it up into multiple units, and then get top dollar per sq ft leasing it out.
So let’s hear which properties would be wise Seritage acquisitions from TransformCo?
“Seritage has proven that they can take a distressed property that was a Sears or Kmart, carve it up into multiple units, and then get top dollar per sq ft leasing it out”
"That’s quite a blanket statement. You have any proof to back it up?"
Look at Seritage's website, they state multiple properties that they have transformed into sprawling shopping centers with millions of dollars in sales per year.
Seritage had the option to buy any of the remaining stores and declines – they really only wanted the best locations. A lot of remaining stores are leases.
Look at Virginia Beach, for starters. Resounding success.
“Seritage has proven that they can take a distressed property that was a Sears or Kmart, carve it up into multiple units, and then get top dollar per sq ft leasing it out”
That’s quite a blanket statement. You have any proof to back it up?