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Seritage Growth Properties
Seritage Growth Properties, spun from Sears by Eddie Lampert in 2015, redevelops former department store sites into mixed-use destinations across the U.S.
Seritage Growth Properties
Seritage Growth Properties was formed in 2015 through a sale-leaseback transaction with Sears Holdings, the struggling retailer controlled by hedge fund manager Edward Lampert. Lampert, who became Chairman, engineered the REIT's creation to unlock real estate value from store properties that had been owned by Sears for decades. The initial portfolio spanned 266 locations across 49 states and Puerto Rico, with Sears and Kmart as the primary anchor tenants under long-term master leases. The firm's strategy targets the redevelopment and retenanting of large-format retail boxes into mixed-use, multi-tenant destinations. Asset classes include retail, office, residential, and entertainment, with stage coverage concentrated on repositioning existing properties rather than ground-up development. Signature redevelopments have transformed former Sears sites at Aventura Mall in Florida and King of Prussia in Pennsylvania into properties leased to tenants like Whole Foods, At Home, and Life Time Fitness. Geographic footprint is concentrated in the United States, with heavy exposure to the Sun Belt and coastal urban markets where land values support densification. As of public filings, Seritage manages a portfolio that has shrunk considerably through asset sales used to fund redevelopments and repay debt. Olshan, who became CEO in 2021 after serving as a board observer, oversees a lean corporate team. The company operates with no disclosed philanthropic foundation or co-investment club structure, functioning as a public REIT answerable to shareholders. In recent years, the firm has sold dozens of properties, including a $1.9 billion portfolio of 140 properties in early 2024, signaling a strategic pivot toward winding down operations and returning capital to shareholders. Seritage occupies an unusual position as a REIT whose fate was structurally linked to its primary tenant's decline. Unlike a typical retail landlord that diversifies tenant base organically, Seritage was purpose-built to extract value from a captive Sears portfolio. Its governance sits at the intersection of public-market discipline and Lampert's controlling influence — he remained the company's largest shareholder and Chairman long after stepping back from Sears operations. This architecture made Seritage less a conventional REIT and more a liquidation vehicle with a redevelopment option, a structural feature that shaped every capital allocation decision the board made.
General information
Firm type
Asset Manager
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Edward Lampert
Chairman of the Board
Andrea Olshan
Chief Executive Officer and President
Sector focus
Frequently asked questions
Who controls Seritage Growth Properties?
Edward Lampert, the former Sears CEO and hedge fund manager, has been Chairman and the largest shareholder since the REIT's 2015 formation. Andrea Olshan serves as CEO and President, having assumed the role in 2021. The board includes a mix of independent directors, but Lampert's ownership stake and the firm's origins in Sears Holdings mean his influence on major strategic decisions remains significant.
Does Seritage still have exposure to Sears as a tenant?
Sears was the original anchor tenant on master leases covering the 266 initial properties, but the exposure has been dramatically reduced through lease recaptures, retenanting, and property sales. The master lease was restructured multiple times as Sears entered and exited bankruptcy, and Seritage has actively terminated leases to regain control of properties. By 2023, Sears had ceased to be the dominant rent payer.
How does Seritage source its development opportunities?
Seritage does not source deals in the conventional sense — its pipeline was entirely captive at formation. Opportunities arise from within its own portfolio by identifying which former Sears boxes can be redeveloped into higher-value uses. The firm evaluates each site for zoning upside, local demand for retail, office, or residential, and partner interest. No external sourcing team or acquisition program exists.
Is Seritage structured as a family office or does it operate more like a REIT?
Seritage is a publicly traded real estate investment trust listed on the NYSE. It is not a family office, though Lampert's ESL Investments provides a private capital connection. The structure imposes REIT distribution requirements, quarterly reporting, and SEC governance obligations that make it fundamentally different from a private family office vehicle.
What investment stages does Seritage typically target?
The firm invests in repositioning existing retail assets — essentially value-add real estate investing on existing properties. It does not invest in startups, venture capital, or ground-up development in the traditional sense. Capital is allocated to demolition, construction, and tenant improvements to convert single-tenant boxes into multi-tenant mixed-use properties.
Which asset classes does Seritage explicitly avoid?
The firm has no stated interest in industrial, data centers, self-storage, or hospitality as standalone asset classes. Its mandate has always centered on retail-led mixed-use redevelopment, though office and residential components appear as adjuncts. It has not pursued pure-play office towers or multifamily development on sites that lack a retail anchor lineage.
What is Seritage's known posture on co-investments alongside external partners?
Seritage has historically pursued joint ventures with developers on large redevelopment sites, sharing costs and upside rather than building entirely on-balance-sheet. Examples include partnerships at regional mall locations where a local developer brings entitlements expertise. These structures allow Seritage to preserve liquidity while maintaining an equity interest in the completed project.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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