By Keith Loria, Contributing Editor<\/i><\/p>\n
Kite Realty Group, a publicly traded REIT headquartered in Indianapolis, has acquired a 10-property, 2.1 million-square-foot retail portfolio from a New York-based real estate private equity firm for $307 million.<\/p>\n
The portfolio consists of properties in four Southeastern states, including four in Florida, three in Alabama, two in Texas and one in Georgia.<\/p>\n
\u201cThe Florida component of this deal is really an extension of the strong demand we\u2019re seeing for shopping centers in the Southeast, particularly in Florida and Texas where there is strong economic growth,\u201d Dennis Carson, CBRE\u2019s senior vice president, told Commercial Property Executive<\/i>. \u201cThe acquisition brings Kite\u2019s Florida portfolio to 25 properties, with Jacksonville being the only new market.\u201d<\/p>\n
At the time of the sale, the portfolio was collectively 93 percent occupied. According to Carson, two of the centers in Florida were Publix-anchored (Hunters Creek, Burnt Store), another is an infill location in a densely populated and affluent area of Tampa (Northdale); and the fourth in Jacksonville (Lakewood Promenade) has significant long-term upside potential.<\/p>\n
The addition of the portfolio brings Kite Realty Group\u2019s total portfolio to 78 properties, or nearly 12 million square feet under management. According to Carson, the deal gives them additional economies of scale and enhances their position in a state that is both growing and viewed favorably by REIT shareholders.<\/p>\n
\u201cWe 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,\u201d Carson said. \u201cIt was a win\u2013win 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.\u201d<\/p>\n
In addition to Carson, Kite Realty Group was represented by CBRE\u2019s Cliff Taylor in Jacksonville, Chris Cozby, Chris Gerard, and Kevin Holland with CBRE\u2019s National Retail Investment Group in Dallas; and Chris Decoufle and Kevin Reavey with CBRE\u2019s National Retail Investment Group in Atlanta.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kite Realty Group has acquired a 10-property, 2.1 million-square-foot retail portfolio from a New York-based real estate private equity firm for $307 million. <\/p>\n","protected":false},"author":451,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1591,21742,21749,1612],"tags":[],"class_list":["post-1004087680","post","type-post","status-publish","format-standard","hentry","category-development","category-jacksonville","category-latest","category-retail","category-tampa"],"acf":[],"yoast_head":"\n