SITE Centers Corp. announced on January 16, 2026 that it had sold its partnership interests in the RVIP IIIB joint venture that owns Deer Park Town Center in Deer Park, Illinois, to the joint venture’s existing partner for approximately $20.8 million before closing costs.
The sale is part of SITE Centers’ ongoing portfolio‑reduction strategy, which has already generated $3.7 billion in asset sales since October 2023. The divestiture reduces the company’s remaining retail footprint to 11 wholly‑owned properties and 11 joint‑venture interests, sharpening its focus on grocery‑anchored assets in high‑demographic markets.
The $20.8 million cash infusion will be used to fund future special dividends, repay debt, and support liquidity. The transaction was priced at blended cap rates of 6.5‑7%, reflecting current market conditions for grocery‑anchored retail properties.
In a statement, President and CEO David R. Lukes said, “Based on the strong private‑market demand for retail properties and our proven ability to execute on asset dispositions, SITE Centers and its Board of Directors believe that the marketing and sale of its remaining portfolio and the monetization of its joint‑venture investments offers the best opportunity to continue maximizing shareholder value.”
The sale signals a continued shift away from convenience‑retail assets toward higher‑quality, grocery‑anchored properties. While the transaction strengthens the company’s balance sheet, it also underscores the challenges SITE Centers faces—low interest coverage, a distress‑zone Altman Z‑Score, and a potential wind‑down of its portfolio. The divestiture is a key step in the company’s strategy to streamline operations, reduce debt, and return capital to shareholders.
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