Seritage Growth Properties Sells $23 Million Stake in Connecticut Retail Redevelopment

The Corbin Collection in West Hartford, Connecticut, is a former Sears store and auto center. The Corbin Collection in West Hartford, Connecticut, is a former Sears store and auto center.

West Hartford, Conn. — Seritage Growth Properties has sold a $23 million stake in The Corbin Collection, a 163,700-square-foot retail redevelopment in West Hartford, to First Washington Realty.

The transaction values The Corbin Collection at $52 million, including costs to complete the project. The $23 million was used by Seritage to repay existing mortgage debt associated with the property. The newly established joint venture partnership between Seritage and First Washington Realty simultaneously closed on a $20 million loan with M&T Bank. The Corbin Collection is a former Sears store and auto center. Retailers who have opened or signed leases at the development include REI, Saks OFF Fifth, Buy Buy Baby, Cost Plus World Market and Shake Shack.

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