SITE Centers Corp., an owner of open-air shopping centers in suburban, high-household-income communities, has closed on the sale of a six-property portfolio to an affiliate of Pine Tree for a price of $495 million prior to closing prorations, allocations and credits. The sale excluded 93,607 square feet of gross leasable area at three properties retained by the company and intended to be included in the expected spin-off of Curbline Properties.
The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Fla.; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Ore.
The assets included in the portfolio are The Fountains, a 430,000-square-foot retail center in the Fort Lauderdale suburb of Plantation; Arrowhead Crossing, a 362,000-square-foot shopping center in Phoenix; Easton Market, a 501,000-square-foot shopping center located in Columbus, Ohio; Kenwood Square, a 424,000-square-foot property in Cincinnati; Polaris Towne C
