A major real estate investor is cashing out of Portland’s Pearl District. On paper, the explanation is high interest rates and stock performance. In reality, it is about a city that changed so dramatically over the last five years that what was once marketed as a crown jewel has become a liability. SITE Centers Corp., based in Ohio, bought “The Blocks” in 2019, a collection of 44 storefronts across 10 buildings totaling nearly 100,000 square feet. At the time, SITE called the Pearl “one of the...