Author Topic: SRG - Seritage Growth Properties  (Read 280808 times)

LongTermView

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Re: SRG - Seritage Growth Properties
« Reply #720 on: August 22, 2018, 09:11:47 PM »
Did anyone read that Lowe's is closing Orchard Supply? SRG had a new one going in FL at Fashion Square, and was almost complete.

Yeah, Orchard Supply was in the news on tv tonight.


longtermdave

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Re: SRG - Seritage Growth Properties
« Reply #721 on: August 28, 2018, 05:37:15 AM »

koshigoe

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Re: SRG - Seritage Growth Properties
« Reply #722 on: August 28, 2018, 08:26:21 AM »
maybe you guys have already seen, on the 20 some SRG seals stores that recently closed, the 8-k said only 12 were sears leaving, so SRG is really ramping up the recalls with about 10 more.

I believe 2019 should be SRG's Annus mirabilis, with several large redevs starting with redmond (approved), dallas and hicksville, almost all of the redevelopment properties coming online by end of the year, and the new financing allowing for an increase in redevelopment pace.

and with still some 10 million shares short on a footing that crumbles more by the day

LongTermView

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Re: SRG - Seritage Growth Properties
« Reply #723 on: August 28, 2018, 02:58:47 PM »
Some color on the two companies. Not much here that isn't already known to the board...

As Sears Withers, Its Former Stores Fuel a New Fortune

https://www.nytimes.com/2018/08/28/business/sears-seritage-edward-lampert.html?rref=collection%2Fsectioncollection%2Fbusiness&action=click&contentCollection=business&region=rank&module=package&version=highlights&contentPlacement=5&pgtype=sectionfront

I like this part:
Quote

Built just after World War II, the Art Deco-style Sears building in Santa Monica is across from a train station. Renderings of the new office space show young people working on a roof deck overlooking the Pacific.

“It is going to be worth an enormous amount of money,” said Bob Safai, founding partner of Madison Partners, a commercial real estate firm in the Los Angeles area.

In New York State, Seritage acquired property in relatively higher income areas.

The median income in the 12 ZIP codes in New York where Seritage bought stores is $74,266, according to an analysis by The New York Times. The median income in the ZIP codes that include the 46 Sears and Kmart stores in New York that Seritage did not acquire and are still operating is $67,962.

alexbossert

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Re: SRG - Seritage Growth Properties
« Reply #724 on: August 28, 2018, 07:18:25 PM »
The Redmond city council approved Seritage's development project.

This will be Seritage's first residential mix use development.

https://www.redmond-reporter.com/news/redmond-council-approves-overlakes-seritage-development/
« Last Edit: August 28, 2018, 09:31:14 PM by alexbossert »

LongTermView

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Re: SRG - Seritage Growth Properties
« Reply #725 on: September 03, 2018, 02:54:13 PM »
The Redmond city council approved Seritage's development project.

This will be Seritage's first residential mix use development.

https://www.redmond-reporter.com/news/redmond-council-approves-overlakes-seritage-development/

This sounds like a big deal:
Quote
Seritage Growth Properties submitted a project application to the city in 2015 for the mixed-used development, which will include 100,000 square feet of street-level retail space, 266,800 square feet of office space and nearly 62,000 square feet of restaurant space.

Included in this would be 500 apartments, a 210-room hotel, around two acres of parks and open space and 2,245 underground parking stalls for a total of 1.05 million square feet of new development in Redmond’s Overlake neighborhood.

Does anyone have a link/source for the project application?

Is this the sf breakdown?
100,000 retail
266,800 office
  62,000 restaurant
621,000 apartments and hotel?

How much will this cost?

LongTermView

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Re: SRG - Seritage Growth Properties
« Reply #726 on: September 06, 2018, 05:18:47 PM »
Found some answers. http://www.redmond.gov/cms/One.aspx?portalId=169&pageId=224202 has a list of documents.

The Development Agreement at http://www.redmond.gov/common/pages/UserFile.aspx?fileId=234614 says the following:
Quote
500 multifamily residential units (equivalent to approximately 476,865 square feet), a 210-room hotel (equivalent to approximately 121,565 square feet)


LongTermView

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Re: SRG - Seritage Growth Properties
« Reply #728 on: September 18, 2018, 10:56:35 AM »
http://ir.seritage.com/file/Index?KeyFile=395046782
Quote
...today announced that construction has commenced to transform the former Sears building located in the heart of Santa Monica into The Mark 302, an iconic creative office and retail destination situated blocks from the beach in one of the most desirable locations in the country.

The Mark 302, totaling approximately 100,000 square feet, represents a rare workplace opportunity with high exposure in the center of downtown Santa Monica.

LongTermView

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Re: SRG - Seritage Growth Properties
« Reply #729 on: September 22, 2018, 12:20:40 AM »
https://therealdeal.com/chicago/2018/09/20/seritage-tucker-propose-mixed-use-development-at-portage-parks-6-corners/
Quote
The owner of a shuttered Sears store in Portage Park’s Six Corners district is teaming up with Highland Park-based Tucker Development to propose a block-sized complex with 550 apartments and more than 160,000 square feet of retail space.

The landlord, Seritage Growth Properties, released renderings imagining a movie theater and fitness center inside a redevelopment of the existing building at 4730 West Irving Park Road, according to Nadig Newspapers.