SEARS’ REIT HAS A CEO: Sears Holdings Corp. said Benjamin Schall was named chief executive officer of Seritage Growth Properties, effective May 4. Seritage is the newly formed real estate investment trust that will own at least 254 properties that operate as Sears and Kmart nameplates. Those properties are currently owned by Sears. As part of the structure of the REIT, Sears will enter into a master agreement to leaseback the properties from the REIT. Subscription rights to the REIT will be distributed to Sears shareholders on a pro-rata basis.
Schall most recently served as chief operating officer of Rouse Properties Inc., where he oversaw the operations of 35 malls in 21 states incorporating about 25 million square feet of space. Before that he was senior vice president at Vornado Realty Trust.