Seritage Growth Properties formed a joint venture with Invesco Real Estate for the redevelopment of the former Sears building in downtown Santa Monica, Calif.

Seritage sold a 50% stake in The Mark 302 project for roughly $50 million in proceeds. The deal values the project at approximately $145 million, including costs remaining to complete the development.

The partnership intends to invest in or pursue construction financing for the mixed-use project that will convert the 96,500-square-foot building into office space with a mix of smaller retail space.

The proceeds were used to repay existing mortgage debt associated with the property.