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Regional-mall REITs fear Sears closings; Analysts think Lampert will favor Kmart's strip center locations.(News)
Crain's Chicago Business, December, 2004
Byline: ARLEEN JACOBIUS Crain News Service Kmart Holding Corp.'s purchase of Sears, Roebuck and Co. worries real estate funds and real estate investment trusts with stakes in large regional shopping malls. Kmart Holding Chairman Edward S. Lampert, the architect of the deal, has signaled that the combined company will favor Kmart's strip shopping center locations over Sears' regional mall stores.
Analysts figure he'll close mall outlets and convert nearby Kmarts into Sears stores. "Obviously, from a big-picture standpoint, the big winners (in the Kmart-Sears deal) are neighborhood shopping center owners, and it's a huge negative for mall owners,'' says Rohul Bhattacharjee, associate portfolio manager for Cohen & Steers Capital Management Inc. in New York....
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