NEW YORK–(BUSINESS WIRE)–Seritage Growth Properties (NYSE:SRG) (“Seritage”), a national owner and developer of retail and mixed-use projects, is pleased to announce that it has entered into a lease with Equinox, the high performance lifestyle leader, to open a 33,000 square foot high end health club facility at The Collection at UTC, a premier redevelopment property in La Jolla, California.
In May 2018, Seritage and Invesco Real Estate, a global real estate investment manager, announced a joint venture partnership to own The Collection at UTC.
The Partnership commenced construction in May 2018 to convert the former Sears store and auto center at Westfield UTC into a diverse collection of growing retailers and leading dining, entertainment and fitness concepts, totaling over 225,000 square feet.
“We look forward to welcoming Equinox at The Collection at UTC, which we are in the process of converting into an upscale fitness, shopping, entertainment and dining destination,” said Benjamin Schall, President and Chief Executive Officer of Seritage Growth Properties. “We are excited to grow our relationship with Equinox as we advance our broader redevelopment and leasing initiatives across the portfolio.”
“We’re thrilled to be working with Seritage on the development of our second club in the San Diego region,” said Jeff Weinhaus, President & Chief Development Officer of Equinox. “There is an obvious gap in the market for a luxury fitness offering and we’re confident Equinox will be an unparalleled addition to the neighborhood.”
About Seritage Growth Properties
Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 222 wholly-owned properties and 26 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.
IT’S NOT FITNESS. IT’S LIFE: Founded in 1991, Equinox was built on the notion that fitness can empower a life well-lived and foster a strong community of high performance individuals. Nearly 30 years later, Equinox continues to lead and disrupt the category it singularly defined, operating 95 full-service clubs globally across major US cities including New York, LA, Miami and San Francisco as well as London, Toronto and Vancouver, each featuring bespoke design in an unparalleled luxury environment. Grounded in the core tenets of Movement, Nutrition and Regeneration and backed by a Health Advisory Board of industry-leading experts across these disciplines, the company offers a holistic approach to fitness, inclusive of Equinox signature group fitness classes, personal training, Pilates, spa services, apparel, experiential travel and food & beverage. In 2019, Equinox will unveil Equinox Hotels as a true culmination of its lifestyle brand promise, redefining the luxury hospitality experience to be a seamless extension of high-performance living. For more information, visit www.equinox.com
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $65.3 billion in real estate assets under management, 489 employees and 21 regional offices across the U.S., Europe and Asia (as of 06/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.