{"id":1004210578,"date":"2018-03-20T04:00:23","date_gmt":"2018-03-20T12:00:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004210578"},"modified":"2022-12-08T05:56:24","modified_gmt":"2022-12-08T13:56:24","slug":"kite-trades-2-retail-assets-for-63m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kite-trades-2-retail-assets-for-63m\/","title":{"rendered":"Kite Trades 2 Retail Assets for $63M"},"content":{"rendered":"

By Jeff Hamann<\/p>\n

\"Trussville<\/a>

Trussville Promenade in Birmingham, Ala.<\/p><\/div>\n

Kite Realty Group Trust has sold two of its southern U.S. shopping centers<\/a> for a total of $63 million. Trussville Promenade in Birmingham, Ala., was acquired by Acadia Realty Trust for $45.2 million, according to Jefferson County records. Kite disposed of the other asset, Memorial Commons in Goldsboro, N.C., for $17.8 million. The seller used the proceeds\u00a0to pay its unsecured revolving line of credit.\u00a0<\/p>\n

Located at 5866 Chalkville Mountain Road in Birmingham, Trussville Promenade is a 463,836-square-foot shopping center located on 72.2 acres of land situated within a mile of Interstate 59. The buildings were constructed in 1999, 2000 and 2003. Kite purchased the property in December 2013 for $46.3 million from a joint venture between Oz Management and Colonial Properties Trust, according to public records. The retail asset is anchored by Walmart, Regal Cinemas and Marshalls.\u00a0<\/p>\n

\"Memorial<\/a>

Memorial Commons in Goldsboro, N.C.<\/p><\/div>\n

Memorial Commons, situated at 2120 Wayne Memorial Drive in Goldsboro, is a 111,022-square-foot retail center located on a 12.9-acre plot next to U.S. Highway 13, one of the city\u2019s major thoroughfares. Kite picked up the property in 2014 for $17.8 million from Casto Southeast Realty Services, data from the Wayne County assessor shows.\u00a0Memorial Commons was\u00a0built in 2008 and expanded in 2013. Major tenants at the property include Harris Teeter and Office Depot.<\/p>\n

\u201cWe sold these non-core assets in secondary markets to further our deleveraging strategy and to continue improving the quality of our portfolio,\u201d<\/em> said John Kite, CEO of Kite Realty, in a prepared statement. \u201cThese two centers had average base rents and demographics well below those for the balance of our portfolio, and this sale now completes our exit from the Alabama market.\u201d<\/em><\/p>\n

Images via Google Earth<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company sold Trussville Promenade and Memorial Commons, two shopping centers totaling nearly 600,000 square feet. The Trussville deal marks the company’s exit from the Alabama market.<\/p>\n","protected":false},"author":861,"featured_media":1004210581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21749],"tags":[38205,37327,33088,39304,33965],"class_list":["post-1004210578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-retail","tag-acadia-realty-trust","tag-casto-southwest-realty-services","tag-colonial-properties-trust","tag-john-kite","tag-kite-realty-group-trust"],"acf":[],"yoast_head":"\nKite Trades 2 Retail Assets for $63M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kite-trades-2-retail-assets-for-63m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kite Trades 2 Retail Assets for $63M\" \/>\n<meta property=\"og:description\" content=\"The company sold Trussville Promenade and Memorial Commons, two shopping centers totaling nearly 600,000 square feet. The Trussville deal marks the company's exit from the Alabama market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kite-trades-2-retail-assets-for-63m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-20T12:00:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:56:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Trussville-Promenade-in-Birmingham-Ala..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kite-trades-2-retail-assets-for-63m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kite-trades-2-retail-assets-for-63m\/\",\"name\":\"Kite Trades 2 Retail Assets for $63M - 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