Declining vacancy rates show strip malls don’t need large anchor stores to draw in customers and tenants.
Photo: Jessica Pons/Bloomberg NewsA major shopping-center owner is spinning off all its strip malls into a new publicly traded company, indicating that this property type is thriving under a hybrid work environment.
SITE Centers, which owns and manages open-air shopping centers in affluent suburbs, is placing 61 strip-mall properties into a real-estate investment trust called Curbline Properties, company executives said Monday afternoon.
Persons:
Jessica Pons
Organizations:
Bloomberg, SITE Centers