SiteOne Landscape Supply’s subsidiary, SITE Centers, announced on November 20, 2025 that it will sell the Paradise Village Gateway shopping center for $28.5 million. The transaction will use $24.3 million of the proceeds to retire a mortgage, leaving $4.2 million in cash that can be deployed to strengthen the company’s balance sheet or fund future growth initiatives.
The sale is part of SITE Centers’ broader portfolio repositioning strategy, which began in February 2024 with the announcement of a spin‑off of its convenience‑property portfolio into a new REIT, Curbline Properties. Since that announcement, the company has reduced its holdings to 31 properties, after divesting 79 convenience centers in October 2024 and selling five additional shopping centers. The divestiture of Paradise Village Gateway aligns with the company’s focus on higher‑margin, core assets and its goal of reducing debt and improving leverage.
Financially, the $28.5 million sale reduces SITE Centers’ debt load and improves its debt‑to‑EBITDA ratio, supporting the company’s objective of a more streamlined, cash‑generating portfolio. The $24.3 million mortgage repayment represents a significant portion of the proceeds, underscoring the company’s commitment to deleveraging and creating financial flexibility for future acquisitions or capital expenditures.
CEO David Lukes said the divestiture “reinforces our strategy to focus on convenience properties and maximize the value of our remaining portfolio through disciplined dispositions.” Lukes added that the proceeds will help the company maintain a strong balance sheet while positioning it for growth in the convenience‑retail sector.
The transaction is viewed as a routine component of SITE Centers’ ongoing asset‑sale program and does not represent a standalone event that would materially alter the company’s long‑term trajectory beyond the expected portfolio and debt‑reduction benefits.
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