MIAMI—Kite Realty Group has purchased a 10-property, 2.1-million-square-foot retail portfolio from a New York-based real estate private equity firm for $307 million. The portfolio spans four Southeastern states.

CBRE's Cliff Taylor, a Jacksonville-based member of CBRE's Private Capital Group, and Dennis Carson and Casey Rosen, Miami-based professionals with CBRE's National Retail Investment Group, represented the seller. Chris Cozby, Chris Gerard, and Kevin Holland with CBRE's National Retail Investment Group in Dallas, and Chris Decoufle and Kevin Reavey with CBRE's National Retail Investment Group in Atlanta, also worked the deal.

“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,” says Carson, a senior vice president at CBRE. “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.”

The portfolio comprises 10 anchored retail properties including four in Florida, three in Alabama, two in Texas and one in Georgia. Publix, Walmart, The Fresh Market, TJ Maxx, Marshalls, Steinmart, Sports Authority, Old Navy, and Petsmart are among the anchors.

The retail portfolio is collectively 93% occupied. The addition of this portfolio brings Kite's total portfolio to 78 properties, or nearly 12 million square feet under management.

“This was a highly collaborative effort involving CBRE investment sale teams from four offices,” says Taylor, a senior vice president at CBRE. “This allowed the seller to benefit from a unique combination of investment sale experience as well as deep property and market knowledge.”