DENVER BUSINESS JOURNAL - Washington Prime Group has bought four Sears stores, including one in Aurora, to set the stage for eventual redevelopment.
The Columbus-based real estate group (NYSE: WPG) has signed a definitive agreement to acquire four Sears department stores and four Sears Auto Center properties for $28.5 million in a transaction that should close in the second quarter of the year.
The Aurora store is at the Town Center at Aurora near East Alameda Avenue and Interstate 225.
The purchases, the company said in a statement, pave the way to redevelop the sites if Sears opts to close them. The leases have language that allows both landlord and retailer to terminate a store lease with some conditions. This has been particularly important as Sears has struggled in recent years.