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SITE Centers Sells Pike Outlets for $50M, Declares $1 Special Dividend
SITE Centers sold its Pike Outlets ground lease for $50M cash, netting $46.5M. The REIT will pay down debt and issue a $1.00 special dividend as part of a broader portfolio repositioning.
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SITE Centers (SITC) sold its ground leasehold and all remaining interests in The Pike Outlets in Long Beach, California, for $50 million in cash. Net proceeds came to roughly $46.5 million after adjustments.
The REIT said it would use the proceeds to pay down its credit facility and fund a $1.00 per share special dividend. The dividend goes to shareholders of record as of a date the company will set later.
The Pike Outlets sale is part of a broader portfolio repositioning. SITE Centers has been shedding non-core assets and recycling capital into higher-growth properties, mostly in the Sun Belt and other high-demand markets. The company has sold or contracted to sell roughly $1.2 billion in assets since 2021, including several other outlet and community center dispositions.