Kite Realty Group Trust Announces Acquisition of Florida Shopping Center

Kite Realty Group Trust KRG announced today that it has acquired Lithia Crossings, a 81,000 square foot unencumbered shopping center in Tampa, Florida in an off-market transaction. Lithia Crossings is 95.5% leased and is anchored by Stein Mart. The center also features a diverse lineup of national, regional, and local tenants such as Cold Stone Creamery, Panera Bread and Starbucks. Lithia Crossings is part of a strong trade area with an estimated population of 60,000 residents and average household income of $100,000 within a three-mile radius of the center. The purchase price of Lithia Crossings, exclusive of closing costs, was $13.25 million at an initial 8% cap rate. The Company expects to fund the majority of this investment through the pending disposition of non-core assets, property specific debt and/or working capital.