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Kite continues Southeast push with $37.3M in acquisitions

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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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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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