Tucker Development and Seritage Growth Properties Announce Partnership to Redevelop Two Sears Properties in ChicagoJune 1, 2018
CHICAGO (May 16, 2018) – Tucker Development today announced a strategic partnership with Seritage Growth Properties for the redevelopment of two Sears properties in Chicago located at 1601 N. Harlem Ave. and 4730 W. Irving Park Road. Though currently in the design phase, preliminary plans for both projects call for mixed-use developments with retail and residential components.
“We are thrilled to partner with Seritage on these two dynamic projects that will transform these properties into vibrant retail and residential destinations,” said Aaron Tucker, chief investment officer of Tucker Development.
The first site to be revitalized is located at the intersection of North and Harlem avenues. Straddling the border of Chicago and Elmwood Park, it includes a former Sears store at 1601 N. Harlem Ave., in the city’s Galewood neighborhood, as well as a shuttered Sears Auto Center at 1630 N. Harlem Ave., in Elmwood Park.
Separately, Tucker and Seritage plan to redevelop the Sears store located at the intersection of Milwaukee and Cicero avenues and Irving Park Road – an area known as Six Corners.
“We are excited to partner with Tucker Development to transform these two well-located properties into highly productive mixed-use destinations that add value to their respective communities,” said Jeff Martin, vice president of development at Seritage. “Tucker’s expertise and local knowledge will play an integral role in helping to bring our collective vision for both sites to fruition. As we advance our plans, we look forward to working in close collaboration with the city and local stakeholders to deliver two exceptional projects.”
About Tucker Development:
Founded in 1996, Tucker Development is a family-owned real estate firm specializing in the investment, development and management of retail and mixed-use properties throughout the Midwest and East Coast. From its origins as a developer of horizontal retail properties, Tucker has diversified into additional sectors, including office and residential, while undertaking larger vertical, urban-infill projects, often with a combination of uses. Tucker utilizes its time-tested development, redevelopment, repositioning and recapitalization strategies to target value-add investments that, in addition to achieving desired returns, are designed to complement and strengthen their surrounding neighborhoods. To date, Tucker has acquired and developed more than 5 million square feet of real estate valued in excess of $1 billion. For more information, visit www.tuckerdevelopment.com.
About Seritage Growth Properties:
Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 225 wholly-owned properties and 24 joint venture properties totaling approximately 39 million square feet of space across 49 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. Pursuant to a master lease, the Company has the right to recapture certain space from Sears Holdings for retenanting or redevelopment purposes. The Company’s mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities, and create long-term value for our shareholders.