Sears Holdings will sell 11 stores for needed $770 million

Sears Holdings Corporation Sears today reported a huge fourth-quarter net loss after a poor showing during the holiday season, and have reached a definitive agreement for the acquisition of 11 Sears anchor pads with its portfolio for $270 million with General Growth Properties. The acquisition is expected to close in the next 45 to 60 days, subject to customary closing conditions.

"This portfolio represents a significant opportunity to recapture valuable real estate within our portfolio," said Shobi Khan, chief operating officer, General Growth Properties. "This acquisition also enhances several expansion and redevelopment opportunities including re-tenanting the anchor space and adding new in-line GLA. Over the next several years we anticipate adding 319,000 square feet of new in-line space, the majority at Ala Moana Center, our most productive mall with sales surpassing $1,200 per square foot. In addition, we look forward to continuing to work with Sears as they represent an important anchor tenant within our portfolio."

Each of the Sears stores is part of an existing General Growth property. 

The transaction includes the list of owned and leased stores listed below.

The stores will continue to operate as Sears locations into 2013 with final closing dates to be determined and announced later this year.