A broker for Seritage Properties said a tenant has signed a lease to occupy about half of the Sears store space at Manchester Center in Fresno.
Written by John Lindt
The owner of Sears retail stores in Fresno and Visalia has put half of each property up for lease.
Seritage Growth Properties, a New York-based real-estate investment trust that owns hundreds of Sears properties around the country, acquired the portfolio from Sears Holding Corp. in 2015.
The solicitation, called “Sears Surplus” property, predates an announcement July 31 that Heritage had received a $2 billion loan from Berkshire Hathaway. Seritage said it plans to use the funds to redevelop some 250 properties to replace locations once occupied by Sears or move Sears into smaller locations at each mall.
Sears actually leases from Seritage, which can call the lease under certain conditions. Scores of Sears and Kmart stores operated by Sears Holdings have closed this year alone.
According to the online solicitation, Seritage is offering to lease 98,770 square feet of the Sears location at the Manchester Mall in Fresno, which is about half of the current space. The space for lease is located on the northern end of the property.
Another 35,000 square feet of the Sears building at Visalia’s Sequoia Mall is also available — also about half of the current space.
The offer also includes auto centers in Visalia and Fresno.