SHLD Announced Third Party Tenant Leases

[peridotcapital]

NOTE: IN ORDER TO FACILITATE EVEN MORE PEOPLE BEING ABLE TO HELP KEEP THIS LIST UP-TO-DATE, I AM NOW PUBLISHING IT ON MY BLOG SO THOSE WHO ARE NOT MEMBERS OF COBF CAN SHARE THEIR RESEARCH TOO WHEN THEY DISCOVER NEW LEASES.

 

You will find the continuously updated list at: http://www.peridotcapital.com/2014/07/sears-holdings-confirmed-third-party-tenant-leases.html

 

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Last updated: 7/2/14

 

With 86 million square feet of owned real estate (Sears: 67M, Kmart 19M as of 2/1/14), the majority of SHLD's intrinsic value will be based on how successfully they attract tenants for their vast property portfolio. To help us value the commercial leasing part of their business, I thought it would be helpful to track deals signed with third party retailers. I'll get the list started but please post links to missed/future leases signed.

 

 

[bookie71]

I thought the Sears in Anchorage leased from the Carr/Gottstein families.  I hope you are right, as I would love to see a Nordstrom's Rack.

[bookie71]

It just showed up on Schwab alerts

http://www.schwab.com/public/schwab/investing/investment_help/investment_research/news.html?&path=%2Fresearch%2Fpublic%2Fstocks%2Falertnews%2F%3Fdocid%3D600-201403121100PR_NEWS_USPRX____SF81569-1

This board is awesome.

[Matson125]

I thought the Sears in Anchorage leased from the Carr/Gottstein families.  I hope you are right, as I would love to see a Nordstrom's Rack.

 

According to the Anchorage Municipality website Sears owns the property and has a tax assessed value of $23,817,500 (2014)

 

http://www.muni.org/pw/public.html

Parcel ID: 009-042-01-000

[FCharlie]

Kroger can be added to the list:

 

http://articles.dailypress.com/2014-02-17/business/dp-nws-kroger-kmart-20140217_1_sears-holdings-gas-station-kroger-co

[bookie71]

I didn't know the family ever sold anything, but 1997 would be about the time they sold their grocery stores to Safeway.

[Matson125]

In addition to the Pottery Barn  at the Oakbrook Mall sears also signed a ground lease for the portion of the parking lot they own. 3.7 acres

 

Village Of Oak Brook

April 13, 2012 ·

Sears Holdings Signs Lease Agreement With Pinstripes, Inc., at Oakbrook Center

Entertainment/Dining Concept to Construct 40,000 square foot Venue

Sears Holdings announced that the company has signed a long-term Ground Lease with Entertainment Properties Trust whereby EPT will construct a free-standing facility in the northwest parking lot where Pinstripes will lease and operate its bowling/bocce and bistro concept. Pinstripes intends to commence construction in March and open for business in the fall of 2012.

"We are very excited to welcome Pinstripes to our property at Oakbrook Center," said Scott Miller, Regional Vice President, Leasing and Development for Sears Holdings. "Pinstripes has been successful in offering a winning combination of entertainment and dining in Chicago and Minneapolis, and we look forward to attracting area diners, entertainment seekers and shoppers to Sears and all the other retailers of the Center.”

Dale Schwartz, Pinstripes Founder/CEO added, "We welcome joining the Oak Brook community and offering individuals and businesses ’strikingly good’ food and fun. This Ground Lease and financing structure is a continuation of our strategic financing partnership with EPT, and we look forward to a long-term relationship with Sears and Oakbrook Center to maintain the mall’s first-class reputation”.

“We enthusiastically welcome Pinstripes to the Oak Brook neighborhood,” said David Niemeyer, Oak Brook Village Manager. “We believe they will be a special asset for our community and we look forward to the opening of their business in the very near future.”

At the Sears’ owned property at Oakbrook Center, Pinstripes/EPT will Ground Lease 3.7 acres of Sears’ 24.9 acre parcel, and Sears will continue to explore other re-development opportunities at this site. “This agreement is a further example of Sears Holdings selectively redeploying its asset base to improve the retail experience for consumers while working to create long-term shareholder value," said Jeff Stollenwerck, President, Real Estate for Sears Holdings.