Indianapolis-based Kite Realty Group Trust (NYSE:KRG) says it has completed the sale of properties in Evansville, Seattle and New Jersey. The company plans to use the $35 million in proceeds to pay down debt.
April 8, 2014
Indianapolis, Ind. — Kite Realty Group Trust (NYSE: KRG) (“The Company”) announced that it has closed on the disposition of three non-core retail properties generating $35.2 million in gross proceeds. During the quarter ending March 31st, the Company completed the sale of 50th and 12th, a 14,500 square feet single-tenant Walgreens in the Seattle, Washington; Red Bank Commons, a 34,300 square feet non-anchored center in the Evansville, Indiana; and Ridge Plaza, a 115,100 square feet A&P anchored center in the Oak Ridge, New Jersey. The proceeds from the dispositions were primarily used to pay down debt.
“We will continue to prudently recycle capital from non-core assets and transition out of locations that do not fit our investment profile. Demand for quality assets, whether defined as core or non-core by us, remains strong allowing us to take advantage of market conditions to meet strategic objectives,” 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 December 31, 2013, the Company owned interests in a portfolio of 72 operating and redevelopment properties totaling approximately 12.4 million square feet and three properties currently under development totaling 1.0 million square feet.
Source: Kite Realty Group Trust