Kite Realty Announces $16 Million Deal
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Kite Realty Group Trust (NYSE: KRG) has acquired a shopping center in North Carolina. Chief Executive Officer John Kite says the $16 million deal is part of the company's strategy to increase its presence in the southeast. September 11, 2013
News Release
INDIANAPOLIS — Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced that it has acquired Toringdon Market in Charlotte, North Carolina. The Company acquired the 60,000 square foot grocery-anchored center for a purchase price, exclusive of closing costs, of $15.9 million. The center is 97% leased and is anchored by Earth Fare, a specialty grocer. Toringdon Market is located near the intersection of I-485 and Johnston Road in Charlotte and draws from an attractive 5-mile trade area with average household incomes of $107,000 and a population density of 169,200.
“The acquisition of Toringdon Market gives us another high-quality asset in the Southeast. We will continue increasing our presence in the region as the population growth and household incomes are among the strongest in the country,” said John A. Kite, the Company’s Chairman and Chief Executive Officer.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. At June 30, 2013, the Company owned interests in a portfolio of 63 operating and redevelopment properties totaling approximately 9.9 million square feet and four development properties currently under construction totaling 1.2 million square feet.
Source: Kite Realty Group Trust