SITE Centers Corp. priced its upsized public offering of 11.5 million common shares at $14.90 per share, for approximately $171.4 million of gross proceeds.

The real estate investment trust granted a 30-day option for the underwriters to buy up to 1,725,000 additional shares. The offering is expected to close Oct. 24, subject to customary closing conditions.

The REIT aims to use the net proceeds to redeem a portion of the depositary shares representing its outstanding 6.50% class J cumulative redeemable preferred shares, which have a total liquidation preference of $200.0 million. Any remaining proceeds will be used for general corporate purposes.

Goldman Sachs & Co. LLC and Morgan Stanley are the joint book-running managers for the offering.