Seritage Growth Properties is a real estate investment trust that owns, leases and redevelops retail and mixed-use properties in the United States. The company focuses primarily on repositioning large-format commercial properties, including former Sears and Kmart locations, for new retail, office, residential, hospitality, entertainment and other uses.
Seritage was established in 2015 through the separation of a portfolio of properties from Sears Holdings Corporation. Its strategy has centered on creating value by redeveloping underutilized shopping centers and freestanding retail sites, attracting new tenants and improving the mix of uses at its properties. Depending on the location, its properties may accommodate retailers, restaurants, service businesses, offices, apartments, hotels and other commercial uses.
The company’s real estate portfolio has been located primarily across the United States, with properties in multiple metropolitan areas and regional markets. Seritage has also pursued property sales and other portfolio-management initiatives as it evaluates redevelopment opportunities and capital requirements. The company was historically led by Chief Executive Officer Benjamin Schall, although leadership and corporate structure may change over time.
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