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BEACHWOOD, Ohio - SITE Centers Corp. (NYSE:SITC) announced Monday the sale of Parker Pavilions shopping center in Parker, Colorado for approximately $8.4 million, before closing costs, prorations and other closing adjustments. The transaction comes as SITC shares trade near their 52-week low of $7.28, with the stock currently at $7.32.
The company, which owns and manages open-air shopping centers, used a portion of the net proceeds to repay approximately $6.1 million of mortgage debt associated with the property. This debt reduction aligns with SITC's solid liquidity position, as InvestingPro data shows the company's liquid assets exceed its short-term obligations with a current ratio of 1.33.
SITE Centers operates as a self-administered and self-managed real estate investment trust (REIT). The company specializes in open-air shopping center ownership and management across the United States. With a market capitalization of approximately $385 million, SITC has maintained dividend payments for 33 consecutive years, offering shareholders a significant yield according to InvestingPro analysis, which indicates the stock appears undervalued based on its Fair Value assessment.
The transaction represents one of several portfolio adjustments made by retail REITs in recent months as companies realign their property holdings.
This information is based on a press release statement from SITE Centers Corp.
In other recent news, SITE Centers Corp. has completed the sale of Edgewater Towne Center in Edgewater, New Jersey, for $53.5 million. The transaction involved approximately 76,000 square feet of retail space and 64 residential rental units. Notably, the proceeds from this sale were not allocated to mortgage debt repayment. Meanwhile, Postal Realty Trust, Inc. has announced the appointment of Steve Bakke as their new Executive Vice President and Chief Financial Officer. Bakke will assume his role around November 5, 2025, coming from Realty Income Corp., where he was Senior Vice President of Corporate Finance. These developments highlight key strategic moves by both companies, reflecting ongoing changes in their operational and financial landscapes.
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