Kite Realty Group Trust Announces Acquisition of Shopping Center in Indianapolis, Indiana
INDIANAPOLIS--(BUSINESS WIRE)-- Kite Realty Group Trust (NYSE: KRG ) (the “Company”) announced today that it has acquired Castleton Crossing in Indianapolis, Indiana. The Company acquired the 280,000 square foot center for a purchase price, exclusive of closing costs, of $39 million. The center is 100% leased and is anchored by TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival. It is located near the intersection of I-465 and Allisonville Road. The property draws from an attractive 5-mile trade area with average household incomes of $87,600 and a population density of 168,400.
“Castleton Crossing is an excellent addition to our retail portfolio reflecting our continued success in acquiring high quality shopping centers in off-market transactions. This property is located at one of the premier intersections in Indianapolis,” 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 December 31, 2012, the Company owned interests in a portfolio of 60 operating and redevelopment properties totaling approximately 9.3 million square feet and three properties currently under development totaling 0.5 million square feet.
KEYWORDS: United States North America Indiana