Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that it has acquired two shopping centers in Greenville, South Carolina. Shops at Plaza Green is a 194,000 square foot center acquired for a purchase price, exclusive of closing costs, of $28.8 million. The center is 95% leased and is anchored by Bed Bath & Beyond, Old Navy, Christmas Tree Shops (a Bed Bath & Beyond concept), Shoe Carnival, and Party City. It is located near the intersection of I-85 and I-385. The property draws from an attractive trade area with average household incomes of $81,800 and a population density of 143,300.
In addition, the Company has recently acquired a Publix-anchored 68,000 square foot shopping center in Greenville, SC for a purchase price, exclusive of closing costs, of $9.1 million. The center is 97% leased and is also located near the intersection of I-85 and I-385. The property is surrounded by a solid trade area with average household incomes of $89,100 and a population density of 114,300.
Greenville is the home of the North American headquarters for GE Engineering, Hubbell Lighting, and Michelin as well as having a large corporate presence from BMW, Fluor, Lockheed Martin, and Caterpillar, Inc.
“We quickly deployed the majority of the proceeds from our October common equity offering into these two well-located assets. We plan to continue increasing our presence in the Southeast by completing our development projects and acquiring well-located assets,” said John A. Kite, the Company’s Chairman and Chief Executive Officer.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. At September 30, 2012, the Company owned interests in a portfolio of 60 operating and redevelopment properties totaling approximately 8.9 million square feet and an additional two properties currently under development totaling 0.6 million square feet.