Kite Realty Acquires Castleton Crossing in Indianapolis for $39M

by Adriana Pop, Associate Editor

Kite Realty Group Trust Inc. has purchased the 280,000-square-foot Castleton Crossing retail center in Indianapolis for $39 million. According to property records, Texas-based American National Insurance Co. is the seller of the property.

The center is fully leased and includes TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival among its tenants. It is located at 5520 E. 82nd Street, near the intersection of I-465 and Allisonville Road and serves a 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,” company Chairman and CEO John A. Kite said in a written statement.

In April, the Indianapolis-based real estate investment trust has also purchased the 224,000-square-foot Cool Springs Market in Franklin near Nashville for $37.5 million. The property is 95 percent occupied, with Dick’s Sporting Goods, Marshall’s and JoAnn Fabrics as anchor tenants.  

In regional news, the Indianapolis Business Journal reports that Investment Property Advisors of Valparaiso and the city of Muncie are planning to develop a $60 million mixed-use project near the Ball State University campus.

The development would replace the University Square building located in the Village commercial district. Plans call for 228 apartments, as well as commercial space and an approximately 340-space parking garage.

The project is currently being reviewed by the Muncie Redevelopment Commission. Construction on the parking facility could be completed by November, while the first residents are expected to move in by the fall of 2014.

Photo credits: kiterealty.com