Phoenix, December 3, 2025
SITE Centers Corp. has completed the sale of the Paradise Village Gateway shopping center in Phoenix for $28.5 million, marking a strategic shift to optimize their real estate portfolio. The sale not only addresses financial obligations but also reflects ongoing trends in the vibrant retail market of Phoenix, which is experiencing increasing property transactions and potential redevelopment opportunities.
Phoenix Shopping Center Paradise Village Gateway Sells for $28.5 Million
Strategic Sale by SITE Centers Corp.
Phoenix, Arizona – SITE Centers Corp. has successfully sold the Paradise Village Gateway shopping center for $28.5 million on November 20, 2025. This sale represents a strategic move in the company’s ongoing efforts to optimize its portfolio by shedding non-core assets. A portion of the proceeds has been allocated to repay $24.3 million in mortgage debt, with the remaining funds aimed at supporting future special dividend distributions.
Understanding Paradise Village Gateway
The Paradise Village Gateway is a 211,349-square-foot open-air shopping center that features a diverse range of tenants, including popular names such as Ross Dress for Less, PetSmart, and The UPS Store, alongside various food, retail, and beauty businesses. This center serves as a practical hub for local shoppers, highlighting the resilience and innovation characteristic of small businesses in the area, even in challenging retail environments.
The Vision Behind the Sale
SITE Centers Corp. is a reputable self-administered and self-managed real estate investment trust (REIT), publicly traded under the ticker symbol SITC on the New York Stock Exchange. The decision to sell the Paradise Village Gateway aligns with the company’s broader strategy of concentrating investments in high-margin, convenience-oriented retail properties located in affluent suburban markets.
Current Trends in Phoenix’s Retail Market
The sale of the Paradise Village Gateway shopping center is part of a larger trend in Phoenix, where several retail properties are changing hands as investors seek viable opportunities within the market. For instance, the recent sale of the Paradise Valley Marketplace for $45 million indicates a vibrant and active retail market in the Phoenix area, which can potentially lead to redevelopment opportunities that will further invigorate local economies.
Financial Context of SITE Centers
In the third quarter of 2025, SITE Centers reported a net loss of $6.2 million, contrasting sharply with a net income of $320.2 million in the third quarter of 2024. This significant downturn points to the ongoing challenges that the retail sector has been facing, underscoring the importance of strategic decisions like this sale to reposition the company for future growth.
Looking Ahead
The divestment of non-core assets such as Paradise Village Gateway is a proactive measure taken by SITE Centers to enhance its financial stability and align its portfolio with market demands. By focusing on higher-yielding properties, the company aims to not only strengthen its balance sheet but also to return capital to shareholders, while continuing to support entrepreneurship and small business innovation in the Phoenix area.
Frequently Asked Questions (FAQ)
What is the Paradise Village Gateway shopping center?
The Paradise Village Gateway is an open-air shopping center located in Phoenix, Arizona, featuring tenants such as Ross Dress for Less, PetSmart, The UPS Store, and various food, retail, and beauty businesses.
Who acquired the Paradise Village Gateway shopping center?
The shopping center was sold by SITE Centers Corp. to an undisclosed buyer for $28.5 million on November 20, 2025.
What is SITE Centers Corp.?
SITE Centers Corp. is a self-administered and self-managed real estate investment trust (REIT) that owns and manages open-air shopping centers. The company is publicly traded on the New York Stock Exchange under the ticker symbol SITC.
What is the significance of this sale for SITE Centers Corp.?
The sale is part of SITE Centers’ ongoing portfolio optimization program, focusing on divesting non-core assets and reducing leverage to concentrate on high-margin, convenience-oriented retail in affluent suburban markets.
How does this sale impact the Phoenix retail market?
The sale reflects a trend of retail property transactions in the Phoenix area, indicating active market activity and potential redevelopment opportunities for properties like Paradise Village Gateway.
Key Features of the Paradise Village Gateway Sale
| Feature | Details |
|---|---|
| Sale Price | $28.5 million |
| Transaction Date | November 20, 2025 |
| Property Size | 211,349 square feet |
| Mortgage Debt Repayment | $24.3 million |
| Remaining Funds Allocation | Support future special dividend distributions |
| Notable Tenants | Ross Dress for Less, PetSmart, The UPS Store, various food, retail, and beauty businesses |
| Seller | SITE Centers Corp. |
| Buyer | Undisclosed |
| REIT Status | Self-administered and self-managed |
| Stock Exchange Listing | New York Stock Exchange under ticker symbol SITC |
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Author: STAFF HERE PHOENIX WRITER
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