BEACHWOOD, Ohio – Site Centers Corp. has agreed to sell its interests in six open-air shopping centers — three of them in Ohio — for $495 million in cash as it prepares to spin off its convenience properties as a standalone, publicly traded company later this year.
Beachwood-based Site Centers has agreed to sell its interests in Easton Market and Polaris Towne Center in Columbus and Kenwood Square in Cincinnati to an affiliate of Pine Tree, the owner and manager of retail real estate in Oak Brook, Illinois. The other four properties to be sold are located in Phoenix, Miami and Portland, Oregon, Site Centers said in a regulatory filing.
The property sale is expected to be completed by the end of the second quarter.
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