SITE Centers sells Edgewater Towne Center for $53.5 million

BEACHWOOD, Ohio - SITE Centers Corp. (NYSE:SITC) has sold Edgewater Towne Center in Edgewater, New Jersey, for $53.5 million, the company announced Monday. The transaction represents a significant move for the company, which currently maintains a market capitalization of $465 million according to InvestingPro data.

The transaction price excludes closing costs, prorations and other closing adjustments, according to a press release statement. The property, which spans approximately 76,000 square feet of retail space and includes 64 residential rental units, was sold without any proceeds being used to repay mortgage debt. This aligns with the company’s solid financial position, as InvestingPro analysis shows SITE Centers maintains a healthy current ratio of 1.33 and operates with moderate debt levels.

SITE Centers specializes in owning and managing open-air shopping centers, primarily located in suburban areas with high household income demographics. The company operates as a self-administered and self-managed Real Estate Investment Trust (REIT).

The company continues to maintain its headquarters in Beachwood, Ohio, and trades publicly on the New York Stock Exchange under the ticker symbol SITC.

In other recent news, Postal Realty Trust has appointed Steve Bakke as its new Chief Financial Officer, with his role set to begin around November 5, 2025. Bakke brings experience from Realty Income Corp., where he was Senior Vice President of Corporate Finance. This appointment marks a significant leadership change for Postal Realty Trust. Meanwhile, SITE Centers Corp. received an Overweight rating from Piper Sandler. The firm reiterated this rating as SITE Centers prepares to release its second quarter 2025 earnings report. Piper Sandler highlighted that SITE Centers’ post-spin portfolio monetization is underway. Additionally, the retail transaction market appears to be strengthening, with larger open-air properties and malls trading actively. These developments are noteworthy for investors monitoring these companies.

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