{"id":1004688151,"date":"2023-11-01T03:19:11","date_gmt":"2023-11-01T11:19:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004688151"},"modified":"2023-11-01T06:18:44","modified_gmt":"2023-11-01T14:18:44","slug":"site-centers-to-launch-spin-off-reit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/","title":{"rendered":"SITE Centers to Launch Spin-Off REIT"},"content":{"rendered":"
\"A<\/a>

A SITE Center retail property in Phoenix. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

SITE Centers<\/strong>, owner of open-air shopping centers, will spin-off its convenience assets into Curbline Properties Corp.<\/strong>, a publicly traded REIT that was approved by the firm\u2019s Board of Directors.<\/p>\n

The new company, CURB, will be the first and only public REIT exclusively focused on convenience retail. Wells Fargo<\/strong> and Morgan Stanley & Co. LLC<\/strong> are the lead financial advisors, while Jones Day<\/strong> is serving as legal counsel to SITE Centers.<\/p>\n

Convenient convenience assets<\/h2>\n

The company has acquired a total of 61 wholly-owned properties located in U.S. submarkets since the launch of its convenience strategy in 2019, in metro areas with an annual household income of more than $115,000. In 2022, SITE began the separation of convenience assets that are next to existing properties, a process that is slated for completion prior to the spin-off. The separated stores will be included in the CURB portfolio.<\/p>\n

Located at well-trafficked intersections, the convenience retail properties primarily consist of shop unit rows leased to a diverse mix of national and local tenants including Starbucks, Darden, JPMorgan Chase, Verizon and Chipotle. Having a median asset size of 20,000 square feet, the portfolio was 96.2 percent leased as of September.<\/p>\n

Spin-off details<\/h2>\n

In preparation of the spin-off process, SITE Centers received a $1.1 billion financing commitment in October 2023 from affiliates of Apollo<\/strong>, including ATLAS SP Partners<\/strong>, that will be used to retire unsecured debt, including all outstanding prior notes. The REIT also closed on a $100 million mortgage secured by Nassau Park Pavilion<\/strong>.<\/p>\n

By the time of the separation, CURB is expected to be in a net cash position, to have an unsecured and undrawn line of credit and a preferred investment in SITE Centers. The company will acquire additional assets before the spin-off takes place that will be part of the new REIT portfolio. SITE Centers will provide shared services to CURB in the first two years following the spin-off.<\/p>\n

As part of the new arrangement, David Lukes will assume the position of president & CEO, Connor Fennerty will serve as CFO & treasurer while John Cattonar will act as CIO. CURB will submit its initial draft Form 10 registration statement with the U.S. Securities and Exchange Commission in 2024, with the spin-off process slated for completion in the second half of next year.<\/p>\n

SITE Centers’ recent transactions<\/h2>\n

SITE Centers made several convenience retail transactions in the third quarter of 2023. The company purchased three properties in Virginia and Texas for a total price of $28.1 million, as well as two assets in Florida and North Carolina which traded for a total of $26 million.<\/p>\n

The REIT also sold 11 shopping centers in the third and fourth quarter of this year for a total of $645.6 million and six other assets which traded for a combined $242 million. Two of the transactions involved the 107,884-square-foot Terrell Plaza<\/a> in San Antonio and the 225,214-square-foot Larkin\u2019s Corner<\/a> in Boothwyn, Pa.<\/p>\n","protected":false},"excerpt":{"rendered":"

Curbline Properties Corp. will focus exclusively on convenience assets.<\/p>\n","protected":false},"author":2829,"featured_media":1004688165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,23891,21742,21749],"tags":[34925,32774,48215,33277],"class_list":["post-1004688151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-national","category-latest","category-retail","tag-jones-day","tag-morgan-stanley","tag-site-centers-corp","tag-wells-fargo"],"acf":[],"yoast_head":"\nSITE Centers to Launch Spin-Off REIT - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"SITE Centers announced the spin-off of its convenience assets into Curbline Properties Corp., a separate publicly traded REIT.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SITE Centers to Launch Spin-Off REIT\" \/>\n<meta property=\"og:description\" content=\"SITE Centers announced the spin-off of its convenience assets into Curbline Properties Corp., a separate publicly traded REIT.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-01T11:19:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-01T14:18:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/SITE-Centers-property-in-Phoenix-e1698834153581.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/\",\"name\":\"SITE Centers to Launch Spin-Off REIT - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/SITE-Centers-property-in-Phoenix-e1698834153581.jpg\",\"datePublished\":\"2023-11-01T11:19:11+00:00\",\"dateModified\":\"2023-11-01T14:18:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"SITE Centers announced the spin-off of its convenience assets into Curbline Properties Corp., a separate publicly traded REIT.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/site-centers-to-launch-spin-off-reit\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/SITE-Centers-property-in-Phoenix-e1698834153581.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/SITE-Centers-property-in-Phoenix-e1698834153581.jpg\",\"width\":1000,\"height\":750,\"caption\":\"A SITE Center retail property in Phoenix. 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