SITE Centers acquired Vintage Plaza, a shopping center outside of Austin, Texas, in 4Q19. Housing 40,000 square feet of service-oriented tenants, Vintage Plaza serves the booming sub-market of Round Rock, as well as the nearby Dell International Headquarters (13,000+ employees) and the new $1 billion Apple campus. With projected population growth of 14% over the next five years and more nearby office development expected, SITE Centers aims to capitalize on this thriving market to drive future cash flow growth.
Acquired in 4Q19, The Blocks is an assemblage of ten buildings that serve the Pearl District of Portland, Oregon, one of the most desirable places to live on the West Coast. The Blocks is situated at the base of the most in-demand residential towers in Portland and houses approximately 40 retail and service-oriented tenants that cater to the thriving live-work community. The acquisition of The Blocks represents a distinct opportunity for SITE Centers to capitalize on the sub-market’s population growth and strong existing tenant sales.
Southtown Center was added to the SITE Centers portfolio in 4Q19. This 43,000-square-foot shopping center is prominently located on the bustling retail corridor of South Dale Mabry Highway in Tampa, Florida, and is nestled between Publix and Sprouts Farmers Market, the area’s top traditional and specialty grocers, respectively. These two shadow anchors draw substantial traffic to the center and allow SITE Centers to capitalize on their consumers. With the traffic and demand afforded to the location, as well as the high density and incomes in the South Tampa submarket, Southtown offers a pronounced opportunity to create value via improved merchandising and occupancy.