Beachwood, Ohio-headquartered SITE Centers Corp. (NYSE: SITC), the owner and manager of open-air shopping centers, has completed the sale of five of its retail properties.
The company sold a three-property portfolio consisting of East Hanover Plaza in East Hanover, New Jersey, Southmont Plaza in Easton, Pennsylvania, and Stow Community Center in Stow, Ohio, for approximately $126 million. At closing, approximately $38.2 million of sale proceeds were used to repay mortgage indebtedness.
The company completed the sale of Nassau Park Pavilion in Princeton, New Jersey, for approximately $137.6 million in cash. At closing, the company applied approximately $98.4 million of sale proceeds to the full repayment of a mortgage loan secured by the property and paid a related make-whole premium of approximately $7 million.
SITE Centers also sold Paradise Village Gateway in Phoenix for $28.5 million, with a portion of net proceeds were used to repay $24.3 million of mortgage debt. The company did not identify the buyers of the properties.
Photo: Nassau Park Pavilion in Princeton, New Jersey
