Featured Columnists
Real Estate News
U.S. Retail Portfolio Sold for $307 Million

U.S. Retail Portfolio Sold for $307 Million


U.S.-based REIT Kite Realty Group has purchased a 10-property retail portfolio in the U.S. for $307 million. 

A New York-based real estate private equity firm sold the 2.1 million-square-foot portfolio which spans four Southeastern states. 
 
The portfolio includes four anchored retail properties in Florida, along with three in Alabama, two in Texas and one in Georgia. Tenants include Publix, WalMart, The Fresh Market, Old Navy and Sports Authority, among others. 
 
The properties were 93 percent occupied at the time of sale. With the deal, Kite Realty Group's portfolio includes 78 properties, or approximately 12 million square feet under management, according to an announcement.

"We intended to bring this portfolio to market, but as soon as Kite Realty learned of the offering, they moved quickly to secure and capitalize on an off-market opportunity," CBRE senior vice president Dennis Carson, said in the announcement. "It was a win-win for both sides, with Kite buying a quality portfolio that enhances their market coverage and overall balance sheet, and the seller executing a successful planned sale ahead of schedule." 

As the economy recovers and consumer confidence and spending increase, investors are hoping to gain from shopping center investments. Last month, Brixmor Property Group Inc. raised $825 million in the company's initial public offering. It was the largest for a retail REIT since 1993, when Simon Property Group Inc, the world's largest shopping mall owner, raised $840 million. 

Sponsored by

Comment with Facebook


Copyright 2010 - 2017 WORLD PROPERTY JOURNAL, INC. All Rights Reserved.
Advertisement
News Search
Go


Luxury Property Spotlight

Reader Poll

Advertisement
×
WORLD PROPERTY JOURNAL
 
Free News Alerts
 

Sign up now to receive the latest local & global real estate news in your inbox.

GO