Commercial Real Estate and Shopping Centers and Kite Realty Group and Retail Development and Real Estate Investment Trust and Real estate deals and Retail and Real Estate & Retail

Kite continues Southeast push with $37.3M in acquisitions

December 27, 2012

Kite 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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