FREEHOLD, NJ—Sears Holdings Corp. announced two more lease transactions with European fashion retailer Primark at the Danbury Fair Mall in Danbury, CT and at the Freehold Raceway Mall here.

The Hoffman Estates, IL-based company previously announced that it entered a total of seven expected lease transactions with Primark. Sears has already reported Primark leases at the Staten Island Mall in New York, King of Prussia Mall in Pennsylvania and the Willow Grove Mall in New Jersey.

Its transactions in Danbury and Freehold are for space at properties owned and operated by Macerich of Santa Monica, CA. Sears will retain a significant retail presence at both properties.

"Sears Holdings is pleased to welcome Primark to two of Macerich's leading shopping malls in the Northeast as we selectively redeploy our asset base to create long-term shareholder value," says Jeff Stollenwerck, president, Sears Real Estate Business for Sears Holdings. "Primark will bring increased customer traffic to these malls and dramatically enhance the retail shopping experience."

At the Freehold Raceway Mall the existing Sears store and Sears Auto Center will continue to operate in approximately 85,000 gross square feet on the lower level. Primark will lease approximately 66,500 gross square feet (approximately 51,000 net square feet retail space), predominantly on the second level.

The existing Sears store and Sears Auto Center at the Danbury Fair Mall will continue to operate in approximately 107,000 gross square feet on the lower level of this mall. Primark will lease approximately 70,000 gross square feet (approximately 53,500 net square feet retail space), predominantly on the second level.

"We are pleased to have collaborated with Sears Holdings to allow for the introduction of Primark, an exciting new anchor tenant at two of our most productive malls in the Northeast, Danbury Fair and Freehold Raceway Mall, centers that average more than $600 per square foot and dominate their respective trade areas," says Ed Coppola, president, Macerich. "We see this as the first of several opportunities to collaborate with Sears Holdings as the company rationalizes its retail footprint while we enhance the productivity of our malls."

The two remaining lease deals and projected store openings will be announced by Sears at a later time. All of the space is expected to be delivered to Primark over the next six to 10 months, the company reports.

Instant Insights /

Sears Announces More Primark Leases in NJ and CT

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