SITE Centers Corp. has announced the sale of its interests in six open-air shopping centers for $495 million to an affiliate of Pine Tree, a company based in Oak Brook, IL. This move comes as the REIT prepares to spin off its convenience properties into a standalone entity later this year.
The sold properties include Easton Market and Polaris Towne Center in Columbus, OH; Kenwood Square in Cincinnati; Arrowhead Crossing in Phoenix; The Fountains in Miami; and Tanasbourne Town Centerin Portland, OR. However, three parcels at The Fountains,Polaris Towne Center,and TanasbourneTownCenter will not be included as they are intended for Site Centers’ anticipated spin-off of Curbline Properties Corp.
According to reports from Cleveland Business Journal,SITE Centers aims to increase the value of their unanchored convenience properties by separating them from their more traditional anchor-based centers. CEO David Lukes stated that these smaller-scale convenience properties offer attractive returns with limited capital expenditure requirements.
In the photo: Easton Market designed by Ford Architects.
