BEACHWOOD, Ohio – Site Centers Corp. has acquired four convenience shopping centers — including Crocker Commons in Westlake, Ohio — for $88 million during the third quarter in preparation for spinning off its “convenience assets” as a separate investment trust around Oct. 1.
The publicly traded real estate investment trust also said in a Thursday update that it has sold 11 of its traditional suburban open-air shopping centers for $552.7 million during the current quarter as it refocuses on convenience assets — small, unanchored strip shopping centers located close to the curb and with dedicated parking.
Site Centers has been selling its traditional open-air shopping centers and buying convenience shopping centers since the beginning of the year to give Curbline Properties Corp. — the future publicly traded REIT — a good start.
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