Site Centers real estate investment trust is looking to shed the shopping centers remaining in its portfolio after spinning off its strip malls into a new company.
The Ohio-based REIT has 11 fully owned properties remaining and is in contract negotiations to sell four of them, CoStar News reported. It also has interests in 11 joint venture properties, one of which is in sale negotiations.
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Site Centers began selling assets and announced plans to create Curbline Properties in late 2023. It has sold $3.7B worth of retail properties.
Site Centers’ 61 strip malls, or retail centers without a traditional anchor tenant, went into Curbline Properties, which started with a $1.7B valuation. New York-based Curbline Properties is the first public REIT to focus exclusively on strip malls, also called convenience centers, according to Site.
Site Centers planned to acquire more strip malls and add them to Curbline’s portfolio before the spinoff became official. Curbline had 80 properties when it began trading in October 2024, and that doubled to 162 shopping centers by Sept. 30, CoStar reported.
Shopping centers remaining in Site’s online portfolio include anchors such as movie theaters, furniture stores and grocery stores. Site sold a three-property portfolio throughout Pennsylvania, Ohio and New Jersey for $126M in late November.
Site Centers is now “in the process or intends to commence marketing all other remaining wholly owned retail properties in the near future, subject to market conditions.” These plans do not prevent Site from considering a sale of its platform, the company said.
Site has declared more than $380M of distributions to shareholders since the Curbline spinoff was announced. Its board expects to declare distributions to shareholders from sale proceeds, subject to payment of outstanding debts and expenses during the windup of the company’s business, CoStar reported.
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