S
ite Centers has recently sold a shopping center in the Chicago area, Woodfield Village Green, for $93.2 million to an unnamed limited liability company linked to Bridge33 Capital. This marks Bridge33's second collaboration with Site Centers, following a previous purchase of a shopping center in suburban Atlanta for $23.4 million earlier this year. Woodfield Village Green spans 420,740 square feet along Golf and Meacham roads in Schaumburg, Illinois, and is leased to major tenants such as Marshalls, Nordstrom Rack, HomeGoods, Bloomingdale’s Outlet, Michaels, The Container Store, and PetSmart. The property's sale is part of Site Centers' ongoing strategy to shift its focus from anchor-dominated properties to strip malls and smaller convenience-based centers.

    This transaction is noteworthy because it is one of the highest-priced retail property sales since the flagship Neiman Marcus store on Chicago’s Magnificent Mile changed hands for $94 million two years ago, according to CoStar reported data. The sale of Woodfield Village Green is also part of Site Centers' broader plan to sell off properties in various parts of the country, including the $68.5 million sale of Lee Vista Promenade in Orlando, Florida, and a portfolio of three shopping centers to CTO Realty Growth for $137.5 million.

    At the end of July, Site Centers announced that it had sold nearly $1 billion-worth of open-air shopping centers, with another $1 billion in the pipeline. These sales are part of the firm’s plan to spin off a public, strip-mall-focused company called Curbline Properties. David Lukes, president and CEO of Site Center, expressed excitement about launching and scaling what is expected to be the first public real estate company focused exclusively on convenience properties, encouraged by the opportunity set and growth prospects for Curbline Properties, both organic and via acquisitions.