SITE Centers entered into a Purchase Agreement to sell its ground leasehold interest and related interests in The Pike Outlets in Long Beach, California, for approximately $50.0 million in cash. Net proceeds are estimated at about $46.0 million after customary adjustments. The buyer has posted a nonrefundable $1.5 million deposit, and closing is subject to conditions including City of Long Beach consent and tenant estoppels. The transaction is expected to close by the end of the third quarter of 2026.
Agreement details:
Agreement type: Purchase Agreement to sell ground leasehold interest in The Pike OutletsCounterparty: Pike Long Beach OwnerSigned / Effective: May 01 2026 / sameDuration / Termination: Until closing (expected by Q3 2026)Reason: Optimize portfolio and redeploy capital
Original SEC Filing: SITE Centers Corp. [ SITC ] – 8-K – May. 20, 2026
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