Former Sears at Macomb Mall Hits the Market for Sale
For sale information on the former Sears, contact Steve Gordon.
Seritage Taps Signature Associates To Handle Sale of Property Currently Anchored By At Home and Hobby Lobby
Seritage Growth Properties has put the former Sears at the Macomb Mall on the market for sale as it looks to sell off dozens of properties over the next year and pay off $640 million in debt to billionaire Warren Buffett.
New York-based Seritage, spun off from department store company Sears nearly a decade ago, hired Signature Associates to market 364,626 square feet at the mall at 32123 Gratiot Ave. Formerly a Sears, the space today is partially occupied by At Home, Hobby Lobby and Red Robin, which collectively occupy 154,590 square feet. The roughly 210,000 square feet of remaining space is currently vacant, according to Signature.
The property is being listed without an asking price.
The news comes just days after Seritage hired real estate brokerage CBRE to sell a 38-property portfolio of mostly multitenant retail properties throughout the country as part of an effort to pay down a $1.44 billion loan from Buffett’s Berkshire Hathaway by July 2023.
In the wake of its separation from Sears, Seritage is years into an effort to reshape a sprawling portfolio of large, older properties. Many of them now are leased to one or more large tenants, such as the Macomb Mall space, which Sears closed in 2017.
Steve Gordon of Signature Associates’ Southfield brokerage team is handling the sale and marketing of the property.
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