BEACHWOOD, Ohio–(BUSINESS WIRE)– SITE Centers Corp. (NYSE: SITC) announced today completion of the previously announced sale of East Hanover Plaza (East Hanover, NJ), Southmont Plaza (Easton, PA) and Stow Community Center (Stow, OH) for approximately $126.0 million, subject to adjustment for certain closing pro-rations, allocations and credits. At closing, approximately $38.2 million of sale proceeds were used to repay mortgage indebtedness.
The Company also announced today completion of the previously announced sale of Nassau Park Pavilion (Princeton, New Jersey) for approximately $137.6 million in cash, subject to adjustment for certain closing pro-rations, allocations and credits. 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 $7.0 million.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers. 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 http://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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Gerald Morgan, EVP and
Chief Financial Officer
216-755-5500
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