Seritage Growth Properties (NYSE: SRG) inks $131M Aventura sale deal

Rhea-AI Filing Summary

Seritage Growth Properties disclosed that a subsidiary entered into a purchase and sale agreement to sell its Aventura, Florida property to Boulevard Step Ventures LLC. The agreed purchase price is $131.0 million, reduced by a credit at closing for any unpaid leasing costs on existing leases. The buyer has posted a $5.0 million non‑refundable earnest money deposit, with the ability to extend the scheduled closing date by 45 days by posting an additional $5.0 million non‑refundable deposit. Closing is scheduled for 30 days after the September 2, 2025 effective date, subject to customary conditions.

Insights

Real estate and REIT transactions analyst

Seritage agrees to sell its Aventura, Florida property for $131 million with staged, largely non‑refundable deposits.

The agreement commits a Seritage subsidiary to sell its Aventura, Florida asset to Boulevard Step Ventures LLC for a stated price of $131.0 million, adjusted at closing by a credit for unpaid leasing costs tied to existing leases. This structure suggests the asset is stabilized or partially leased, and the adjustment mechanism aligns the final cash consideration with actual landlord obligations assumed by the buyer.

The buyer has posted a $5.0 million earnest money deposit that is non‑refundable except as provided in the agreement, signaling meaningful commitment ahead of closing. Closing is scheduled for 30 days after the September 2, 2025 effective date, with an option for the buyer to extend closing by 45 days by adding another non‑refundable $5.0 million deposit. Execution ultimately depends on satisfaction of customary closing conditions; subsequent disclosures around the scheduled closing date should clarify whether the transaction completes as planned.

0001628063false00016280632025-09-022025-09-020001628063srg:Seven00SeriesACumulativeRedeemablePreferredSharesOfBeneficialInterestParValue001PerShareMember2025-09-022025-09-020001628063us-gaap:CommonStockMember2025-09-022025-09-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 02, 2025

SERITAGE GROWTH PROPERTIES

(Exact name of Registrant as Specified in Its Charter)

Maryland			001-37420	38-3976287
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
500 Fifth Avenue, Suite 1530
New York, New York				10110
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212 355-7800

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common shares of beneficial interest, par value $0.01 per share		SRG		New York Stock Exchange
7.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share		SRG-PA		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement

On September 2, 2025 (the “Effective Date”), a subsidiary of the Company entered into a purchase and sale agreement (the “PSA”) with Boulevard Step Ventures LLC (the “Buyer”) for the sale of the Company’s property located in Aventura, Florida. The purchase price for the sale of the property is $131.0 million less a credit for unpaid leasing costs as of the closing date for existing leases. At signing of the PSA, the Buyer posted a $5.0 million earnest money deposit which is non-refundable except as otherwise provided for in the PSA. The closing is scheduled for 30 days after the Effective Date subject to satisfaction of customary closing conditions. The Buyer has the right to extend closing by 45 days upon posting an additional $5.0 million earnest money deposit which would also be non-refundable except as otherwise provided for in the PSA.

The foregoing description of the PSA does not purport to be complete and is qualified in its entirety by reference to the full text of the PSA, a copy of which is expected to be filed as an exhibit to the Company’s Periodic Report on Form 10-Q for the period ended September 30, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			SERITAGE GROWTH PROPERTIES
Date:	September 8, 2025	By:	/s/ Matthew Fernand
			Matthew Fernand Chief Legal Officer and Corporate Secretary

FAQ

What transaction did Seritage Growth Properties (SRG) report in this 8-K?

A subsidiary of Seritage Growth Properties entered into a purchase and sale agreement to sell its property located in Aventura, Florida to Boulevard Step Ventures LLC.

What is the purchase price for Seritage’s Aventura, Florida property?

The purchase price for the Aventura, Florida property is $131.0 million, less a credit at closing for any unpaid leasing costs associated with existing leases.

How much earnest money did the buyer post for the Seritage Aventura sale?

At signing, the buyer posted a $5.0 million earnest money deposit that is non‑refundable except as otherwise provided in the purchase and sale agreement.

When is the closing scheduled for the Seritage Aventura property sale?

The closing is scheduled for 30 days after September 2, 2025, the effective date of the agreement, subject to satisfaction of customary closing conditions.

Can the buyer extend the closing date for the Seritage Aventura sale?

Yes. The buyer may extend closing by 45 days by posting an additional $5.0 million earnest money deposit, which is also non‑refundable except as provided in the agreement.

Where will the full Seritage purchase and sale agreement be available?

The company expects to file the full text of the purchase and sale agreement as an exhibit to its Form 10-Q for the period ended September 30, 2025.