NEW YORK – The real estate investment trusts that own the malls and shopping centers where many Sears stores are anchor tenants have waited years for the retailer’s demise to renovate the sites and boost rent, although redevelopment costs may strain some plans.
Most large U.S. malls are controlled by REITs. In recent years, the REITs have cut their exposure to Sears Holdings Corp., which filed for Chapter 11 bankruptcy on Monday. Sears said it plans to close 142 stores.
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