Kite buys Castleton Crossing center for $39M

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Kite Realty Group Trust Inc. on Wednesday announced that it paid $39 million to acquire the 280,000-square-foot Castleton Crossing retail center.

The center, at 5520 E. 82nd St., near Interstate 465 and Allisonville Road, is fully leased and is anchored by TJ Maxx HomeGoods, Burlington Coat Factory and Shoe Carnival.  

Indianapolis-based Kite declined to divulge the seller. County property records list the owner as Houston-based American National Insurance Co.

“Castleton Crossing is an excellent addition to our retail portfolio, reflecting our continued success in acquiring high-quality shopping centers in off-market transactions,” company CEO John A. Kite said in a written statement.

In April, Kite paid $37.5 million to purchase a shopping center near Nashville, Tenn. The 224,000-square-foot Cool Springs Market in Franklin is 95-percent leased and is anchored by Dick’s Sporting Goods, Marshall’s and JoAnn Fabrics.

Kite bought the center from Cool Springs Market LP, an entity of Chicago-based Henderson Global Investors.

The company owns interests in 60 properties totaling 9.3 million square feet.



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