SITE Centers Corp. completed the sale of the Paradise Village Gateway shopping center, a 211,349‑square‑foot retail property located in Phoenix, Arizona, for $28.5 million. The transaction closed on November 20, 2025, and the company will use $24.3 million of the proceeds to retire a mortgage, leaving $4.2 million in cash to support future special dividend distributions.
The sale is part of SITE Centers’ ongoing portfolio‑optimization program, which has been focused on divesting non‑core assets and reducing leverage. The company’s Q3 2025 results showed a net loss of $6.2 million, a sharp reversal from the $320.2 million net income reported in Q3 2024, and a decline in revenue that reflects the broader challenges in its retail portfolio. By selling Paradise Village Gateway, SITE Centers is trimming its asset base while improving its balance‑sheet strength, a move that aligns with its strategy to concentrate on high‑margin, convenience‑oriented retail in affluent suburban markets.
President and CEO David R. Lukes said the divestiture “maximizes the value of our assets through continued leasing, asset management and potential additional sales.” He added that the company’s focus remains on high‑return properties and that the sale will help the firm maintain a disciplined capital structure while returning capital to shareholders through special dividends.
Analysts have noted that SITE Centers’ financial health remains a concern, citing high leverage and a low interest‑coverage ratio. Despite these headwinds, the company’s strategic shift toward a more focused portfolio is viewed as a positive step toward stabilizing earnings and supporting shareholder returns. The sale of Paradise Village Gateway is therefore a key milestone in the company’s transformation plan, even as it reduces the overall revenue base of the firm.
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