Kite sells three retail properties for $35.2 million

Indianapolis-based Kite Realty Group Trust has reaped $35.2 million from the sale of three of its retail properties, the firm said Tuesday.

During the first quarter of the year, the firm sold a 14,500-square-foot development containing a Walgreens in Seattle; a 34,300-square-foot shopping center in Evansville; and a 115,100-square-foot grocery-anchored center in Oak Ridge, N.J.

The properties were considered non-core assets, according to Kite.

“We will continue to prudently … transition out of locations that do not fit our investment profile,” said CEO John Kite. “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.”

Kite shares dropped 2 cents in trading on Tuesday to $5.88.

In February, Kite announced that it was buying privately held Diversified Real Estate Trust Inc. for $1.2 billion in an all-stock deal. The combined company is expected to have a market value of more than $2 billion.
 

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