SITE Spins Off San Antonio Power Center

Sterling Organization has closed on the $180.5 million purchase of a 994,000-square-foot portfolio of open-air shopping centers. SITE Centers sold the three properties located in the Atlanta, Washington, D.C., and San Antonio metropolitan areas.

In San Antonio, Sterling acquired The Village at Stone Oak, a 476,000-square-foot power center, the largest property in Sterling’s newly acquired portfolio. The property is anchored by a mix of clothing and pet accessory retailers, including HomeGoods, Ross, Petco, DSW and ULTA Beauty. An adjacent Super Target is a shadow anchor. Fronting U.S. Route 281, the property is 16 miles north of downtown San Antonio and within a 5-mile radius of 170,000 residents.

Commercial Edge reports this deal is the second of 2024 for this buyer and seller. In a $42 million deal that closed in January, Sterling acquired SITE’s Marketplace at Highland Village, a 205,926-square-foot retail center located in the Dallas suburb of Highland Village, Texas.