Seritage Growth Properties (SRG-P-A): Customer Relationship Map and Investment Implications

Seritage Growth Properties operates as a retail-focused REIT that monetizes through active leasing, selective dispositions and redevelopment of legacy department-store real estate—turning former Sears/Kmart footprints into stabilized retail, entertainment and mixed-use income streams. The preferred series provides fixed cumulative dividends while the underlying business extracts value by repositioning and selling assets to institutional and regional operators. For a concise navigator to these customer relationships and what they imply for cash flow and execution risk, start here: https://nullexposure.com/.

Why relationships matter for SRG’s preferred holders

Seritage’s financial operating model is transaction-driven: redevelopment timing, lease-up with national tenants, and opportunistic sales determine cash available for preferred payments and equity value realization. Tenant mix, repeat institutional buyers, and the speed of converting big-box shells into income-producing uses are the central drivers of credit stability for SRG-P-A holders.

What the relationship set reveals about the business model

• Contracting posture: Seritage acts primarily as a landlord and seller; many items in the record are asset sales or long-term leases rather than service contracts, indicating a capital recycling posture.
• Concentration and criticality: National anchors (Target, Amazon, AMC) provide rent-aligned stability, while dispositions to local buyers and specialty operators show a diversified exit market for assets.
• Maturity and transition: The portfolio contains legacy Sears boxes being repurposed, reflecting a company in the late-stage conversion of dated retail inventory into modern retail and mixed-use formats.
• Company-level signal: No operational constraints were recorded in the sample, which is a neutral data signal on contractual encumbrances or explicit limits to disposition activity.

Detailed relationship roll-call: every referenced counterparty

Below is a concise, source-linked summary for each relationship item surfaced in our records.

• BSD Capital — BSD bought a former Sears at Paddock Mall that Seritage SRC Finance sold at auction for $3.2 million, signaling Seritage’s continued asset disposals; reported by Ocala Gazette in FY2022 (https://www.ocalagazette.com/former-sears-at-paddock-mall-slated-for-redevelopment/).

• AMC Theatres — Seritage expanded a relationship with AMC to deliver a 10-screen theatre at Tech Ridge, illustrating Seritage’s strategy of bringing experiential tenants to redeveloped sites; per an AMC press release tied to FY2017 (https://investor.amctheatres.com/news-events/press-releases/detail/330/amc-theatres-to-open-a-state-of-the-art-10-screen-movie-theatre-at-tech-ridge-in-austin-texas).

• NewMark Merrill Companies — NewMark Merrill acquired over 180,000 sq ft at Shops at SouthBay Pavilion from Seritage SRC Finance, demonstrating bulk asset sales to regional operators; reported by The Real Deal in FY2020 (https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/).

• Sears Holdings — Under a historical master lease, hundreds of properties were leased back to Sears Holdings, providing Seritage with interim rent streams used to fund redevelopments; disclosed in a Seritage-era reference tied to FY2017 (https://investor.amctheatres.com/news-events/press-releases/detail/330/amc-theatres-to-open-a-state-of-the-art-10-screen-movie-theatre-at-tech-ridge-in-austin-texas).

• Four Corners Property Trust, Inc. (FCPT) — FCPT acquired an Outback Steakhouse and Hook & Reel property from Seritage for $5.2 million, showing demand from REIT buyers for single-asset acquisitions; noted in FY2025 reporting coverage (https://simplywall.st/stocks/us/real-estate-management-and-development/nyse-srg/seritage-growth-properties).

• Target — Target signed a lease for nearly 50,000 sq ft at a former Kmart site owned by Seritage, underscoring national grocer/retailer demand for repurposed boxes; reported in FY2020 by the Herald-Tribune (https://www.heraldtribune.com/story/business/2020/09/04/target-coming-former-bradenton-kmart-site/5714735002/).

• The Macerich Company (MAC) — Macerich acquired remaining 50% stakes in five former Sears boxes from Seritage, indicating portfolio carve-outs to regional mall owners and co-investors; reported in FY2025 commentary (https://simplywall.st/stocks/us/real-estate-management-and-development/nyse-srg/seritage-growth-properties).

• Amazon.com Inc. (AMZN) — Amazon leased a 123,000 sq ft space at University Town Center from Seritage and Invesco, reflecting e-commerce-related occupancy in power-center assets; covered by NBC San Diego in FY2022 (https://www.nbcsandiego.com/news/local/amazon-announces-socal-expansion-including-700-jobs-in-san-diego/2936652/).

• Fidelis Realty Partners — Fidelis purchased a former Sears store from Seritage for $13 million, signaling institutional buyer interest in single-asset investments; reported by The Real Deal in FY2023 (https://therealdeal.com/chicago/2023/02/23/fidelis-pays-seritage-13m-for-former-sears-store/).

• Chick-Fil-A — Chick-Fil-A is part of a planned redevelopment pad alongside Miller’s Ale House at a Seritage-owned site in Watchung, demonstrating restaurant tenancy in pad redevelopments; sourced from local reporting in FY2020 (https://www.mycentraljersey.com/story/news/local/development/2020/03/03/millers-ale-house-may-coming-route-22-watchung/4929018002/).

• Boulevard Step Ventures LLC — Boulevard Step Ventures acquired a property in Aventura from Seritage, further evidence of local investors purchasing repositioned retail condos; documented in FY2025 coverage (https://simplywall.st/stocks/us/real-estate-management-and-development/nyse-srg/seritage-growth-properties).

• Dick’s Sporting Goods — Leasing materials show Dick’s as an occupant adjacent to Tyrone Square Mall in a Seritage-owned center, reflecting stable national sporting-goods demand for repurposed retail footprints; noted in FY2023 local coverage (https://stpeterising.com/home/2023/2/27/aldi-supermarket-to-open-on-22nd-avenue-north-in-west-st-pete).

• Five Below — Five Below is identified as a co-tenant in the Tyrone Square center that Seritage owns, illustrating small-format specialty retail demand in redeveloped pads; reported in FY2023 (https://stpeterising.com/home/2023/2/27/aldi-supermarket-to-open-on-22nd-avenue-north-in-west-st-pete).

• PetSmart — PetSmart is another anchor in the Tyrone Square shopping center under Seritage ownership, supporting day-to-day traffic generation for adjacent tenants; cited in FY2023 leasing materials (https://stpeterising.com/home/2023/2/27/aldi-supermarket-to-open-on-22nd-avenue-north-in-west-st-pete).

• Waterstone Properties Group — Waterstone closed on an 86,000 SF retail condo within Braintree Marketplace acquired from Seritage, showing condoized retail sales as a disposition channel; reported in FY2025 (https://bostonrealestatetimes.com/waterstone-properties-group-acquires-30-million-retail-condo-within-braintree-marketplace/).

• Miller’s Ale House — Miller’s Ale House was proposed for a pad site on a Seritage property, confirming sit-down restaurant demand in redeveloped retail parcels; local reporting in FY2020 covered the zoning review (https://www.mycentraljersey.com/story/news/local/development/2020/03/03/millers-ale-house-may-coming-route-22-watchung/4929018002/).

• Burlington Coat Factory — Listed as a tenant at SouthBay Pavilion, Burlington is part of a larger tenancy mix on assets Seritage sold via SRC Finance, indicating stabilized discount retail demand; noted in FY2020 reporting (https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/).

• Buffalo Wild Wings — Buffalo Wild Wings is among tenants at SouthBay Pavilion referenced in Seritage’s disposition coverage, reflecting restaurant tenancy at collateral sales; reported in FY2020 (https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/).

• Ross Dress for Less — Ross was named as a tenant at the SouthBay Pavilion portions sold by Seritage, illustrating category diversity in disposition pools; FY2020 coverage (https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/).

• Smashburger — Smashburger appears in the SouthBay tenant roster tied to Seritage disposals, representing fast-casual presence in repurposed centers; FY2020 reporting (https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/).

• Cinemark Theaters — Cinemark was cited as a larger tenant at SouthBay Pavilion (not part of the sale), indicating some entertainment anchors remain with original owners; FY2020 coverage (https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/).

• IKEA — Identified as a larger tenant in the broader SouthBay complex, IKEA’s presence highlights that Seritage dispositions are often peripheral to larger, stabilized retail ecosystems; FY2020 reporting (https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/).

• JC Penney (JCP) — JC Penney was listed among major anchors at SouthBay Pavilion, a reminder of legacy department-store neighbors around Seritage activity; FY2020 (https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/).

• Chipotle (CMG) — Chipotle appears in the tenant mix for SouthBay Pavilion parcels sold by Seritage, showing national fast-casual brands continue to take reconfigured retail space; FY2020 (https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/).

• Sears — Multiple notes reference Sears as the legacy occupant of many parcels Seritage now repositions; Seritage historically leased boxes back to Sears to fund redevelopment and continues to convert former Sears sites (local and industry reports spanning FY2023–FY2026) (examples: https://bocamag.com/mall-wars-delrays-budget-wish-list-a-star-comes-to-docs/, https://retailwire.com/discussion/where-did-edward-lampert-go-wrong-with-sears/).

Mid-report action item

For a focused, investor-grade mapping of tenant concentration and sale timing across Seritage’s portfolio, review our tools and research at https://nullexposure.com/ to convert these relationship signals into valuation inputs.

Investment implications and closing recommendations

• Revenue drivers: Lease-ups to nationals (Target, Amazon, AMC) and opportunistic sales to REITs and private buyers generate the bulk of cash for redevelopments—this transactional cadence underpins preferred income stability.
• Execution risk: The pace at which Seritage converts former Sears boxes to stabilized tenants determines realized proceeds; the relationship mix shows both strong national demand and robust buyer appetite for single-asset purchases.
• Balance-of-portfolio: The record evidences a diversified set of counterparties—from national retailers to local buyers—which reduces counterparty concentration but preserves exposure to retail foot-traffic cycles.

For deeper due diligence and a tenant-level risk matrix tailored to SRG-P-A, visit https://nullexposure.com/ for research and model-ready outputs.