{"id":1004083547,"date":"2013-09-13T15:29:30","date_gmt":"2013-09-13T23:29:30","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=180010"},"modified":"2020-04-14T00:21:40","modified_gmt":"2020-04-14T08:21:40","slug":"kite-picks-up-shopping-center-while-whole-foods-sign-lease-for-second-location","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kite-picks-up-shopping-center-while-whole-foods-sign-lease-for-second-location\/","title":{"rendered":"Kite Picks Up Shopping Center, While Whole Foods Sign Lease for Second Location"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p>Kite Realty Group Trust, a full-service, vertically integrated REIT focused on neighborhood and community shopping centers, has announced the acquisition of the 60,000-square-foot Toringdon Market in the Ballantyne submarket of Charlotte.<\/p>\n<p>Kite paid $15.9 million for the grocery-anchored retail asset, not including closing costs. The shopping center boasts a 97 percent occupancy rate, with its tenant roster including a host of eateries, such as Tsuki Japanese Steak House and Sushi Bar, Brigs, Zeitouni Mediterranean Grill, as well as retailers such as Ballantyne Jewelers, Big Frog and several others.<\/p>\n<p>The property\u2019s anchor tenant is Earth Fare, a health- and environment-conscious grocery store with a food philosophy that bans artificial sweeteners, preservatives and colors among a host of other substances, while also striving to source products from within a 100-mile radius of its store locations.<\/p>\n<p>Located at the intersection of I-485 and Johnston Road, the shopping center\u2019s five-mile trade area comprises a population of 169,000 with an average household income of $107,000.<\/p>\n<p>\u201cThe acquisition of Toringdon Market gives us another high-quality asset in the Southeast,\u201d says Company Chairman and CEO, John A. Kite.<\/p>\n<p>Kite expressed his company\u2019s intent on expanding its asset base in the region, which is spurred by strong population and income growth.<\/p>\n<p>According to the <a href=\"https:\/\/www.bizjournals.com\/charlotte\/blog\/real_estate\/2013\/09\/toringdon-market-sells-for-159.html\" target=\"_blank\" rel=\"nofollow\"><em>Charlotte Business Journal<\/em><\/a>, the seller RREEF, a REIT, was represented by Berkeley Capital Advisors.<\/p>\n<p>In other retail news, metro Charlot<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/09\/shop_loca_pic_northcross.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-180075\" title=\"shop_loca_pic_northcross\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/09\/shop_loca_pic_northcross.jpg\" alt=\"\" width=\"300\" height=\"172\" \/><\/a>te\u2019s northern part will likely get its highly-anticipated Whole Foods Market, as the natural and organic foods supermarket chain announced its intent to open a second location in Metrolina.<\/p>\n<p>While Charlotte\u2019s first Whole Foods opened a little more than a year ago in Charlotte\u2019s affluent SouthPark neighborhood, the newest store was announced for the Lake Norman area, another upscale area of metropolitan Charlotte. The 35,000-square-foot store is expected to open in late 2014.<\/p>\n<p>According to <a href=\"https:\/\/www.bizjournals.com\/charlotte\/blog\/real_estate\/2013\/09\/whole-foods-to-take-food-lion-space-at.html\" target=\"_blank\" rel=\"nofollow\">the <em>Charlotte Business Journal<\/em><\/a>, Whole Foods Market Inc. has signed a 36,500-square-foot lease in Huntersville\u2019s Northcross Commons shopping center, taking up the better part of a Food Lion store, that had previously announced its intent to close.<\/p>\n<p>The shopping center is owned by Charlotte-based Hawthorne Retail Partners. \u00a0Upgrades to the property, as well as an influx of new tenants are expected by the owners.<\/p>\n<p><em><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-demand-in-charlotte-remains-strong-as-population-surges\/1004077290.html\" target=\"_blank\" rel=\"nofollow\">Click here<\/a> for further Charlotte market data<\/em><\/p>\n<p><em>Image credit:<\/em> <em>Hawthorne Retail Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kite Realty Group Trust, a full-service, vertically integrated REIT focused on neighborhood and community shopping centers has announced the acquisition of the 60,000-square-foot Toringdon Market.<\/p>\n","protected":false},"author":49,"featured_media":1004507074,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[1815],"class_list":["post-1004083547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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