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Seritage Growth Properties (NYSE:SRG), a real estate company with a market capitalization of $218 million and currently rated as fairly valued according to InvestingPro analysis, announced Monday that a subsidiary entered into a purchase and sale agreement with Boulevard Step Ventures LLC for the sale of its property located in Aventura, Florida. The transaction, disclosed in a press release statement and detailed in a filing with the Securities and Exchange Commission, sets the purchase price at $131 million, subject to a credit for unpaid leasing costs as of the closing date for existing leases. This sale represents a significant transaction for Seritage, which has maintained strong liquidity with a current ratio of 4.51, despite posting negative earnings of $88.93 million over the last twelve months. For comprehensive analysis of real estate stocks and their valuations, investors can access detailed property portfolio metrics through InvestingPro’s specialized real estate research tools.
Under the agreement, Boulevard Step Ventures LLC has posted a $5 million earnest money deposit, which is non-refundable except as otherwise provided in the agreement. The closing of the sale is scheduled for 30 days after the effective date of September 2, 2025, contingent on the satisfaction of customary closing conditions.
The buyer has the option to extend the closing by an additional 45 days by posting an extra $5 million earnest money deposit, which would also be non-refundable except as otherwise specified in the agreement.
Seritage Growth Properties stated that the full text of the purchase and sale agreement is expected to be filed as an exhibit to its periodic report on Form 10-Q for the period ending September 30, 2025.
The information in this article is based on a press release statement and the related SEC filing.
In other recent news, Seritage Growth Properties has made a significant financial move by voluntarily prepaying $40 million on its $1.6 billion term loan facility with Berkshire Hathaway Life Insurance Company of Nebraska. This prepayment is part of the company’s broader effort to manage its debt, having repaid a total of $1.4 billion since December 2021, leaving $200 million outstanding. The prepayment is expected to reduce Seritage’s annual interest expense by approximately $2.8 million. Additionally, Seritage Growth Properties recently held its annual shareholder meeting. During this meeting, key resolutions were addressed, including the election of trustees, ratification of the company’s independent auditor, and an advisory vote on executive compensation. All six trustee nominees were re-elected, each securing the necessary two-thirds majority of votes. These developments reflect the company’s ongoing financial and governance activities.
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