S
ite Centers Corp., a publicly traded real estate investment trust, recently announced its acquisition of four convenience shopping centers, including Crocker Commons in Westlake, Ohio, for a total of $88 million during the third quarter of this year. This move is part of the company's strategy to spin off its "convenience assets" into a separate investment trust around October 1st.

    In addition to this acquisition, Site Centers Corp. also reported the sale of 11 of its traditional suburban open-air shopping centers for a total of $552.7 million during the current quarter. This sale is part of the company's ongoing effort to refocus on convenience assets - small, unanchored strip shopping centers located close to the curb and with dedicated parking.

    The company's decision to sell its traditional open-air shopping centers and buy convenience shopping centers is aimed at giving Curbline Properties Corp., the future publicly traded REIT, a strong start. For more information on this story, visit Cleveland Business Journal's website.

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