HOFFMAN ESTATES, ILL. — Sears Holding Corp. (NYSE: SHLD) has entered into an agreement to sell 11 Sears full-line stores to Chicago-based General Growth Properties (NYSE: GGP) for $270 million.

“This portfolio represents a significant opportunity to recapture valuable real estate within our portfolio,” said Shobi Khan, chief operating officer of General Growth Properties, in a prepared statement. “This acquisition also enhances several expansion and redevelopment opportunities, including re-tenanting the anchor space and adding new in-line GLA.” 

Khan continues, “During the next several years we anticipate adding 319,000 square feet of new in-line space, the majority at Ala Moana Center, [in Honolulu, Hawaii] our most productive mall with sales surpassing $1,200 per square foot. In addition, we look forward to continuing to work with Sears as they represent an important anchor tenant within our portfolio.”

Each of the Sears stores is part of an existing General Growth property.

The stores include:

-       1450 Ala Moana Blvd. in Honolulu, Hawaii (Leased)

-       1481 Coral Ridge Ave. in Coralville, Iowa (Owned)

-       1201 Lake Woodlands in The Woodlands, Texas (Owned)

-       20 Bellis Fair Pkwy. in Bellingham, Wash. (Leased)

-       1751 Madison Ave. in Council Bluffs, Iowa (Leased)

-       9405 W. Colonial Dr. in Ocoee, Fla. (Owned)

-       1001 Apache Mall in Rochester, Minn. (Leased)

-       2000 N. Neil St. in Champaign, Ill. (Leased)

-       6191 S. State St. in Murray, Utah (Owned)

-       2501 W. Memorial Rd. in Oklahoma City (Owned)

-       1200 Town Centre Blvd. in Provo, Utah (Owned)

Hoffman Estates-based Sears swung to a fourth quarter loss of $2.4 billion from a profit of $374 million in the same period a year ago, according to MarketWatch. The retailer’s revenue dropped to $12.5 billion from $13 billion.

The transaction is expected to close in the next 45 to 60 days. The stores will continue to operate as Sears locations into 2013 with final closing dates to be determined and announced later this year.

Currently, Sears Holding Corp. has more than 4,000 full-line and specialty retail stores in the United States and Canada.

Sears’ share price closed at $61.80 on Feb. 23, down from $87.23 a year ago. GGP’s share price closed at $16.64 on Feb. 23, up from $14.96 a year ago.

— Savannah Duncan