By Linda Moss CoStar News
Site Centers has taken another step in offloading its retail properties, with deals in place to sell four shopping centers for $263.6 million, including two in New Jersey.
Beachwood, Ohio-based Site, a real estate investment trust, said it was under contract to sell Nassau Park Pavilion in Princeton, New Jersey, for an aggregate price of roughly $137.6 million in cash to B33 Nassau Park Pavilion.
And in a separate deal, Site has an agreement to sell three shopping centers for $126 million in cash to Haverford Retail Partners, based in Bryn Mawr, Pennsylvania, according to a regulatory filing. The deal covers East Hanover Plaza in East Hanover, New Jersey; Southmont Plaza in Easton, Pennsylvania, and Stow Community Center in Stow, Ohio.
All the sales are expected to close in the fourth quarter, Site said.
Site has been divesting a long list of shopping centers. The REIT has sold many of its retail centers in addition to spinning off Curbline Properties, a collection of its strip malls, a year ago as a standalone public company.
Nassau Park Pavilion is a 1.1 million-square-foot multibuilding property in the heart of the busy U.S. Route 1 retail corridor. Its major tenants include Home Depot, Dick’s Sporting Goods, Target, Walmart, Wegmans, Dollar Tree and Five Below.
The shopping center is encumbered by a mortgage loan with an outstanding principal balance of about $98.5 million, according to Site. Based on current interest rates, when the sale closes, Site expects to pay a make-whole premium of roughly $7.6 million in connection with its repayment of the loan.
East Hanover Plaza on Route 10 is roughly 360,000 square feet, with a tenant roster that includes Costco, HomeGoods, HomeSense and Sierra Trading.
Southmont Plaza is about 386,000 square feet, with tenants including Barnes & Noble, Dick’s Sporting Goods, Lowe’s, Best Buy, Dollar Tree and Ross Dress for Less.
East Hanover Plaza and Southmont Plaza currently serve as collateral for part of Site’s mortgage indebtedness, according to the REIT, and the release price applicable is expected to be about $39.1 million in aggregate.
Stow Community Center is around 508,000 square feet, with major tenants such as Kohl’s, Old Navy, Hobby Lobby, Target and Ulta Beauty.
In another New Jersey deal, Site recently sold Edgewater Towne Center, a mixed-use property in Edgewater, New Jersey, for $53.2 million. The buyer was Daibes Enterprises of Edgewater, according to CoStar data.
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