Site Centers has divested another open-air shopping complex, this time in the Chicago area, as part of its shift from anchor-dominated properties to strip malls and smaller convenience-based centers.
The real estate investment trust sold the Woodfield Village Green shopping center in Schaumburg for $93.2 million, or $221 per square foot, the highest-priced retail property sale since the flagship Neiman Marcus store on Chicago’s Magnificent Mile changed hands for $94 million two years ago, CoStar reported.
Though the buyer was not officially named, public records indicate that a limited liability company linked to Bridge33 Capital acquired the property. The Seattle-based private real estate firm now lists Woodfield Village Green, at 1446 East Golf Road, among its holdings on its website, which now includes five properties in Illinois.
The buyer has been active in acquiring retail properties across the country, and this deal is not its first collaboration with Site Centers. Earlier this year, Bridge33 purchased a shopping center in suburban Atlanta from Site for $23.4 million.
Spanning 420,740 square feet along Golf and Meacham roads in the northwest suburb, Woodfield Village Green is leased to major tenants Marshalls, Nordstrom Rack, HomeGoods, Bloomingdale’s Outlet, Michaels, The Container Store and PetSmart. Two retail spaces totaling less than 34,000 square feet are unoccupied.
Site Centers has been actively selling off properties in various parts of the country, including the $68.5 million sale of Lee Vista Promenade in Orlando, Florida, and a portfolio of three shopping centers to CTO Realty Growth for $137.5 million.
At the end of July, Site Centers — which is publicly traded on the New York Stock Exchange under the ticker symbol SITC — said it had sold nearly $1 billion-worth of open-air shopping centers, with another $1 billion in the pipeline. These sales are part of the firm’s plan to spin off a public, strip-mall-focused company called Curbline Properties.
“We remain excited to launch and scale what is expected to be the first public real estate company focused exclusively on convenience properties and remain encouraged by the opportunity set and growth prospects, both organic and via acquisitions, for Curbline Properties,” David Lukes, president and CEO of Site Center said in a July statement.
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