SITE Centers Sells Shoppes at Paradise Pointe in Fort Walton Beach for $8.4 Million

SITE Centers Corp. (NYSE: SITC) has sold Shoppes at Paradise Pointe, a Publix-anchored open-air retail center located at 250–251 Miracle Strip Parkway SE in Fort Walton Beach, Florida, for approximately $8.4 million, the Beachwood, Ohio-based real estate investment trust announced September 16, 2026.

Net proceeds after prorations, allocations, and other closing adjustments totaled approximately $8.0 million.

Property Details

Shoppes at Paradise Pointe sits along U.S. 98 — Miracle Strip Parkway SE — at the corner of Perry Avenue SE in Fort Walton Beach's East Miracle Strip submarket in Okaloosa County. SITE Centers' portfolio records show the property encompasses approximately 73,416 square feet of gross leasable area across six units, with Publix serving as the anchor tenant. Waffle House is among the additional tenants at the center, which draws from a trade area of roughly 60,000 residents within a 10-minute drive.

At the reported gross sale price and using SITE Centers' internal gross leasable area figure, the transaction implies pricing of approximately $114 to $115 per square foot — broadly in line with secondary-market, grocery-anchored strip centers in non-primary Florida metros.

Transaction Terms

The buyer was not identified in SITE Centers' announcement. The $8.4 million figure is approximate, with net proceeds of approximately $8.0 million reflecting closing-related adjustments including prorations and allocations.

Gerald Morgan, Executive Vice President and Chief Financial Officer of SITE Centers, was listed as the contact for additional information on the press release.

Strategic Context

The disposition is part of SITE Centers' ongoing effort to actively manage and optimize its open-air shopping center portfolio. SITE Centers describes itself as a self-administered and self-managed REIT operating as a fully integrated real estate company. The company has been executing an asset monetization and capital return strategy across its portfolio, consistent with a broader trend among open-air shopping center REITs toward balance-sheet optimization and asset recycling.

Grocery-anchored retail centers have maintained solid fundamentals in recent years, supporting transaction activity in the segment even for smaller, secondary-market assets. The Fort Walton Beach property's Publix anchor positions it within a retail category that has attracted consistent investor interest.

About SITE Centers

SITE Centers is an owner and manager of open-air shopping centers headquartered at 3300 Enterprise Parkway, Beachwood, Ohio 44122. The company trades on the New York Stock Exchange under the ticker symbol SITC. Additional information is available at www.sitecenters.com.

Sources: SITE Centers Corp. Press Release, September 16, 2026