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Site Centers Divests Interests in Six Retail Centers for $495M
SITE Centers Corp. will sell its interests in six open-air shopping centers, including three in Ohio, to an affiliate of Oak Brook, IL-based Pine Tree for $495 million. The sale occurs as the Beachwood, OH-based REIT prepares to spin off its convenience properties as a standalone company later this year.
Included in the sale are Easton Market and Polaris Towne Center in Columbus, OH; Kenwood Square in Cincinnati; Arrowhead Crossing in Phoenix; The Fountains in Miami; and Tanasbourne Town Center in Portland, OR. The transaction does not include three parcels at The Fountains, Polaris Towne Center and Tanasbourne Town Center, which Site Center intends to include in its anticipated spin-off of Curbline Properties Corp.
The Cleveland Business Journal reported that Site Centers plans to unlock the value of the unanchored convenience properties by separating them from its more traditional, anchor-based centers. The smaller-scale convenience properties offer “attractive, inflation-protected returns with limited capital expenditure requirements,” CEO David Lukes said late last year.
Pictured: Easton Market. Photo courtesy of Ford Architects.
- ◦Sale/Acquisition
