Seritage Growth Properties (SRG-P-A) — Tenant, Buyer and Redevelopment Relationships Investors Should Know

Seritage Growth Properties is a retail-focused REIT that monetizes owned real estate through redevelopment, lease-up and selective asset sales, while the SRG-P-A preferred shares deliver a fixed 7.00% coupon to income-focused investors. The company’s playbook is conversion of former department-store footprints into higher-yield retail, entertainment and mixed‑use uses, extracting value through active leasing and occasional dispositions. Investors should be focused on tenant diversification, the pace of redevelopment cash flows, and the frequency of asset sales to third-party operators.

If you want a consolidated view of Seritage relationships and how they affect cashflow and asset strategy, visit https://nullexposure.com/ for our platform overview.

How Seritage contracts and deploys capital — the operating posture

Seritage operates as an asset‑centric operator with active asset management rather than a passive landlord. The company historically used master leases with legacy tenants to fund redevelopment, then executed repositionings and sales to realize gains. That operating model implies:

• Contracting posture: Seritage negotiates long-term leases for anchor redevelopment and short-to-medium term leases during lease-up; it sells stabilized assets to third parties to recycle capital.
• Concentration and criticality: Many relationships are with national-scale retailers and entertainment operators, making tenant credit and foot-traffic trends critical to cash generation.
• Maturity of plays: Redevelopments are capital‑intensive and staged; timing from entitlement to stabilized rent drives near-term liquidity and preferred‑dividend coverage.

There are no explicit constraint records tied to the SRG-P-A customer scope in the source set, which is a company-level signal rather than a relationship-specific restriction.

Relationship roll call — every documented customer, buyer or tenant mention

Below is a concise, source‑linked summary for each relationship entry found in the results.

• BSD Capital: BSD Capital purchased a former Sears at Paddock Mall that Seritage SRC Finance sold at auction, signaling Seritage’s continued disposal of former anchor boxes. Source: Ocala Gazette report (FY2022) — https://www.ocalagazette.com/former-sears-at-paddock-mall-slated-for-redevelopment/

• AMC: Seritage expanded its theatre footprint by leasing site space to AMC for a 10-screen theatre at Tech Ridge, reflecting entertainment as a redevelopment anchor. Source: AMC press release (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

• AMC Theatres: Company leadership highlighted the strategic theater lease when announcing the Tech Ridge project, reinforcing entertainment-driven repositioning. Source: AMC press release (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

• Fidelis Realty Partners: Fidelis acquired a former Sears store from Seritage for $13 million, demonstrating Seritage’s disposition strategy to institutional buyers. Source: The Real Deal (FY2023) — https://therealdeal.com/chicago/2023/02/23/fidelis-pays-seritage-13m-for-former-sears-store/

• Kmart: Seritage publicly terminated leases connected to Sears and Kmart, confirming a full exit from legacy Kmart exposure as of March 2021. Source: Chain Store Age (FY2022) — https://chainstoreage.com/sears-real-estate-spinoff-explores-alternatives-eddie-lampert-exits-board

• Sears Holdings: Historical master leases covered a large number of Seritage properties leased back to Sears Holdings under Sears/Kmart branding, a structural element of the company’s original formation. Source: AMC press materials referencing Seritage (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

• SHLD: SEC/ticker references reiterate Sears master-lease heritage and its role in funding redevelopment pipelines early in Seritage’s lifecycle. Source: AMC press release (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 (FCPT): FCPT bought an Outback Steakhouse and Hook & Reel property from Seritage for $5.2 million, showing small-batch asset dispositions to REIT buyers. Source: Simply Wall St summary (FY2025) — https://simplywall.st/stocks/us/real-estate-management-and-development/nyse-srg/seritage-growth-properties

• Four Corners Property Trust, Inc.: Transaction details confirm Seritage’s willingness to sell single-tenant restaurant pads to public REITs. Source: Simply Wall St (FY2025) — https://simplywall.st/stocks/us/real-estate-management-and-development/nyse-srg/seritage-growth-properties

• MAC (Macerich): Macerich acquired remaining 50% stakes in five former Sears boxes from Seritage, indicating joint-venture unwind or portfolio pruning. Source: Simply Wall St (FY2025) — https://simplywall.st/stocks/us/real-estate-management-and-development/nyse-srg/seritage-growth-properties

• The Macerich Company: The Macerich transaction underscores Seritage’s execution of partial-interest dispositions to mall owners. Source: Simply Wall St (FY2025) — https://simplywall.st/stocks/us/real-estate-management-and-development/nyse-srg/seritage-growth-properties

• NewMark Merrill Companies: NewMark Merrill bought more than 180,000 square feet at Shops at SouthBay Pavilion from Seritage SRC Finance, illustrating platform sales of retail pads. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• Target: Target signed a lease for roughly 49,894 square feet at a former Kmart/Seritage site in Bradenton, representing replacement of legacy anchors with national grocers/retailers. Source: Herald Tribune (FY2020) — https://www.heraldtribune.com/story/business/2020/09/04/target-coming-former-bradenton-kmart-site/5714735002/

• TGT: Reporting confirms Target’s role as a stabilizing tenant in Seritage redevelopments. Source: Herald Tribune (FY2020) — https://www.heraldtribune.com/story/business/2020/09/04/target-coming-former-bradenton-kmart-site/5714735002/

• Amazon.com Inc.: Amazon leased a 123,000-square-foot space at University Town Center from Seritage and Invesco, signaling large-format e‑commerce logistics/retail presence on Seritage land. Source: NBC San Diego (FY2022) — https://www.nbcsandiego.com/news/local/amazon-announces-socal-expansion-including-700-jobs-in-san-diego/2936652/

• AMZN: Coverage corroborates Amazon’s lease as part of Seritage’s repositioning into last‑mile and large-format tenants. Source: NBC San Diego (FY2022) — https://www.nbcsandiego.com/news/local/amazon-announces-socal-expansion-including-700-jobs-in-san-diego/2936652/

• Dick’s Sporting Goods (DKS): Leasing brochures list Dick’s as an anchor adjacent to new openings at Tyrone Square Mall, demonstrating national specialty retail tenancy. Source: St. Petersburg Rising (FY2023) — https://stpeterising.com/home/2023/2/27/aldi-supermarket-to-open-on-22nd-avenue-north-in-west-st-pete

• DKS: Market materials repeat Dick’s role as a co-tenant in Seritage-owned centers. Source: St. Petersburg Rising (FY2023) — https://stpeterising.com/home/2023/2/27/aldi-supermarket-to-open-on-22nd-avenue-north-in-west-st-pete

• Five Below: Five Below is listed among co-tenants at Seritage assets, consistent with a value-retailer tenancy mix. Source: St. Petersburg Rising (FY2023) — https://stpeterising.com/home/2023/2/27/aldi-supermarket-to-open-on-22nd-avenue-north-in-west-st-pete

• PetSmart: PetSmart operates adjacent to other national retailers in Seritage centers, contributing to shopper diversity. Source: St. Petersburg Rising (FY2023) — https://stpeterising.com/home/2023/2/27/aldi-supermarket-to-open-on-22nd-avenue-north-in-west-st-pete

• Chick‑Fil‑A: Chick‑Fil‑A was approved as part of a mixed-use pad at a Route 22 Seritage parcel, indicating fast-food/foodservice as a redevelopment anchor. Source: MyCentralJersey (FY2020) — https://www.mycentraljersey.com/story/news/local/development/2020/03/03/millers-ale-house-may-coming-route-22-watchung/4929018002/

• Waterstone Properties Group: Waterstone acquired an 86,000 SF retail condo from Seritage at Braintree Marketplace, reflecting condoized retail dispositions. Source: Boston Real Estate Times (FY2025) — https://bostonrealestatetimes.com/waterstone-properties-group-acquires-30-million-retail-condo-within-braintree-marketplace/

• Boulevard Step Ventures LLC: Boulevard Step Ventures closed on a Florida property bought from Seritage, another example of local investors acquiring repositioned product. Source: Simply Wall St (FY2025) — https://simplywall.st/stocks/us/real-estate-management-and-development/nyse-srg/seritage-growth-properties

• Miller’s Ale House: Miller’s Ale House was proposed as a pad tenant at a Seritage site, indicating restaurant demand in redeveloped corners. Source: MyCentralJersey (FY2020) — https://www.mycentraljersey.com/story/news/local/development/2020/03/03/millers-ale-house-may-coming-route-22-watchung/4929018002/

• Buffalo Wild Wings: Listed as an existing tenant in a multi-building sale by Seritage SRC Finance, confirming sports-restaurant exposure in some disposals. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• Burlington Coat Factory: Burlington appears among tenants in the SouthBay Pavilion transaction, highlighting discount retail tenancy in Seritage holdings. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• Ross Dress for Less: Ross is included in tenant lists at sold SouthBay Pavilion parcels, reflecting off-price retail demand. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• Smashburger: Smashburger is among foodservice tenants at properties Seritage sold, consistent with mixed tenant profiles. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• Target (as a SouthBay anchor): Larger campus tenants like Target were noted as non-participants in the SouthBay parcel sale, indicating Seritage carved out portions rather than entire centers. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• Cinemark Theaters: Cinemark was identified as a major tenant in the larger center context, underscoring theater demand at certain assets. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• IKEA: IKEA is cited as a major adjacent tenant at SouthBay, confirming Seritage’s assets often sit in strong retail ecosystems. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• JC Penney (JCP): JC Penney is listed among major tenants outside the sold footprint, again showing Seritage’s sales were selective. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• CMG / Chipotle: Chipotle was among food tenants in the sold SouthBay parcels, indicating stable quick-service interest. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• Chipotle (CMG): Reporting reiterates Chipotle’s tenancy among the mixed-use retail package. Source: The Real Deal (FY2020) — https://therealdeal.com/la/2020/10/02/seritage-sells-part-of-shops-at-southbay-pavilion/

• SHLWQ / Sears references: Multiple editorials and local reports recall Seritage’s historical ownership of former Sears parcels and the strategy of leasing back to Sears to fund redevelopment before terminating those exposures. Source: BocaMag, RetailWire and Chain Store Age (FY2022–FY2026) — 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/; https://chainstoreage.com/sears-real-estate-spinoff-explores-alternatives-eddie-lampert-exits-board

Investment implications and final takeaways

• Seritage extracts value through active redevelopment and selective dispositions; the relationships above show a mix of national anchors, entertainment operators and local buyers that underpin this model.
• Risk vectors include timing of lease-ups, tenant credit cycles, and the pace at which Seritage can convert entitlements into stabilized income or sell assets to recyclers like FCPT and Macerich.
• For a transaction- and tenant-level view that supports underwriting and counterparty screening, explore the platform at https://nullexposure.com/.

This profile synthesizes every customer and disposal mention in the sourced results to give investors a clear map of Seritage’s commercial counterparties and strategic execution.