Seritage Announces Grand Opening of First Premier Project
On Monday afternoon, Seritage Growth Properties (NYSE: SRG) triumphantly announced the grand opening of its first premier project: The Collection at UTC. CEO Andrea Olshan stated, "The opening of Seritage's inaugural premier project is a significant milestone in our ongoing portfolio transformation. ... 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."
It's true that Seritage has many more premier retail and mixed-use projects in its redevelopment pipeline. Nevertheless, investors shouldn't expect this milestone to mark the beginning of a real turnaround for the struggling REIT.
Seritage is building The Collection at UTC on the site of a former Sears store adjacent to the Westfield UTC open-air mall in San Diego. Westfield UTC is one of the top malls in the San Diego market and recently received a $600 million renovation and expansion.
Source Fool.com
