1. SITC sold Edgewater Towne Center for $53.5 million. 2. The property had 76,000 square feet of retail space. 3. Proceeds from the sale were not used for mortgage repayment. 4. SITC operates open-air shopping centers in affluent communities.
The successful sale at a significant price could indicate solid property values. Similar past sales have positively impacted market perception.
The sale indicates robust asset value, potentially increasing investor confidence. The sale proceeds not reducing debt adds to liquidity perception.
Immediate impact as market reacts to the sale announcement. Historical examples show quick stock movement following property sales.
SITE Centers Corp. (NYSE: SITC) announced today the sale of Edgewater Towne Center (Edgewater, NJ) for $53.5 million, prior to closing costs, prorations and other closing adjustments. No proceeds were used to repay mortgage debt. The property consisted of approximately 76,000 square feet of gross leasable retail area and 64 residential rental units.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers located primarily in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company's e-mail distributions for press releases and other investor news, please click here.
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For additional information:
Gerald Morgan, EVP and
Chief Financial Officer
SITE Centers Corp.
3300 Enterprise Parkway
Beachwood, OH 44122
216-755-5500