Kite Realty Gets $35M for Centers

INDIANAPOLIS—Kite Realty Group Trust recently closed on the sale of three retail properties in non-core areas of the US. The trust generated $35.2 million in gross proceeds from the transactions. During the quarter ending March 31st it sold a 14,500-square-foot single-tenant Walgreens at 50th and 12th in Seattle; Red Bank Commons, a 34,300-square-foot non-anchored center in Evansville, IN; and Ridge Plaza, a 115,100-square-foot center in Oak Ridge, NJ, anchored by an A&P.

HFF marketed Ridge Plaza on behalf of Kite Realty. ACRE Group, a Connecticut-based real estate firm, represented the buyer in this transaction. In addition, HFF’s debt placement team arranged a 10-year, fixed-rate acquisition loan through Columbia Bank on behalf of the buyer. The HFF investment sales team was led by senior managing directors Jose Cruz and Andrew Scandalios, and managing directors Kevin O’Hearn and Jeffrey Julien.