Seritage Growth Properties Announces Grand Opening of The Collection at UTC
October 18 2021 - 4:36PM
Business Wire
Seritage Growth Properties (NYSE: SRG) and Invesco Real Estate
announced today the official opening of The Collection at UTC in La
Jolla, California with the grand opening of its first tenant,
Pacific Catch. The project will have rolling openings of tenants
throughout the fourth quarter of 2021 and the first quarter of
2022, including CB2, Blue Bottle Coffee, Ideal Image, Madison Reed
and more. The Collection at UTC is 88% leased or under active lease
negotiations.
“The opening of Seritage’s inaugural premier project is a
significant milestone in our ongoing portfolio transformation. This
redevelopment demonstrates our team’s ability to reimagine our
properties to substantially enhance value for our shareholders,
partners, tenants and local communities. The grand opening of The
Collection is only the first phase of an exciting mixed-use project
that is envisioned to include large office and residential
components. The Collection is an exceptional assortment of retail,
dining, office and experiential destinations, and I commend the
efforts of our leasing, development and investments teams on
bringing our vision to fruition,” said Andrea Olshan, President and
Chief Executive Officer.
Pacific Catch is a San Francisco-based sustainable seafood
restaurant with a menu inspired by cuisines from the shores of the
Pacific. The restaurant takes “wave to table” approach with fresh,
seasonal ingredients prepared with bold spices and sauces.
In May 2018, Seritage and Invesco Real Estate, a global real
estate investment manager, announced a joint venture partnership to
own The Collection at UTC. The Partnership commenced construction
in May 2018 to convert the former Sears store and auto center at
Westfield UTC into a diverse collection of leading retail, dining
and office concepts, totaling over 194,000 square feet.
About Seritage Growth
Properties
Seritage Growth Properties is a publicly-traded,
self-administered and self-managed REIT with 147 wholly-owned
properties and 25 unconsolidated properties totaling approximately
24.9 million square feet of space across 39 states and Puerto Rico.
The Company was formed to unlock the underlying real estate value
of a high-quality retail portfolio it acquired from Sears Holdings
in July 2015. The Company’s mission is to create long-term value
for shareholders by realizing the value of the Company’s portfolio
through re-leasing, redevelopment, formation of strategic
partnerships or other bespoke solutions.
Forward-Looking
Statements
This document contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of
forward-looking terminology such as “may,” “should,” “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” or “potential” or the negative of these words and
phrases or similar words or phrases that are predictions of or
indicate future events or trends and that do not relate solely to
historical matters. Forward-looking statements involve known and
unknown risks, uncertainties, assumptions and contingencies, many
of which are beyond the company’s control, which may cause actual
results to differ significantly from those expressed in any
forward-looking statement. Factors that could cause or contribute
to such differences include, but are not limited to: declines in
retail, real estate and general economic conditions; the impact of
the COVID-19 pandemic on the business of the Company’s tenants and
business, income, cash flow, results of operations, financial
condition, liquidity, prospects, ability to service the Company’s
debt obligations and ability to pay dividends and other
distributions to shareholders, the Company’s historical exposure to
Sears Holdings and the effects of its previously announced
bankruptcy filing; the litigation filed against us and other
defendants in the Sears Holdings adversarial proceeding pending in
bankruptcy court; risks relating to redevelopment activities;
contingencies to the commencement of rent under leases; the terms
of the Company’s indebtedness; restrictions with which the Company
is required to comply in order to maintain REIT status and other
legal requirements to which the Company is subject; failure to
achieve expected occupancy and/or rent levels within the projected
time frame or at all; the impact of ongoing negative operating cash
flow on the Company’s ability to fund operations and ongoing
development; the Company’s ability to access or obtain sufficient
sources of financing to fund the Company’s liquidity needs; the
Company’s relatively limited history as an operating company; and
environmental, health, safety and land use laws and regulations.
For additional discussion of these and other applicable risks,
assumptions and uncertainties, see the “Risk Factors” and
forward-looking statement disclosure contained in the Company’s
filings with the Securities and Exchange Commission, including the
Company’s annual report on Form 10-K for the year ended December
31, 2020. While the Company believes that its forecasts and
assumptions are reasonable, the Company cautions that actual
results may differ materially. The Company intends the
forward-looking statements to speak only as of the time made and do
not undertake to update or revise them as more information becomes
available, except as required by law.
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Amanda Lombard Chief Financial Officer (212) 355-7800 -Or-
Stephanie Fukui Investor Relations (212) 355-7800
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