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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowKite Realty Group Trust Inc. has increased its retail presence in the Southeastern U.S. by acquiring two shopping centers in Greenville, S.C., at a total purchase price of more than $37.9 million.
The Indianapolis-based real estate investment trust paid $28.2 million for the 194,000-square-foot Shops at Plaza Green, which is 95 percent leased and anchored by national retailers including Bed Bath & Beyond, according to the firm. The purchase closed on Dec. 21.
On Dec. 7, Kite paid $9.1 million for a 68,000-square-foot shopping center anchored by a Publix grocery store. That development is 97 percent leased.
Kite used proceeds from a $60 million October share offering to help acquire the properties.
“We quickly deployed the majority of the proceeds from our October common equity offering into these two well-located assets,” said John A. Kite, the company’s chairman and CEO, in a prepared release. “We plan to continue increasing our presence in the Southeast by completing our development projects and acquiring well-located assets.”
As of Sept. 30, Kite Realty owned interests in a portfolio of 60 operating and redevelopment properties totaling approximately 8.9 million square feet, plus two properties currently under development totaling 600,000 square feet.
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