Kite Realty Group Trust divested one shopping center in Alabama and one in North Carolina during the quarter ending March 31, netting gross proceeds of $63 million.
The company exited the Alabama market with the sale of the 463,836-square-foot Trussville Promenade power center in Birmingham, which houses Walmart, Regal Cinemas, Big Lots, Marshalls and Ross Dress For Less as anchor tenants. In North Carolina, it divested the 111,022-square-foot Memorial Commons in Goldsboro, which is anchored by Harris Teeter and Office Depot.
The shopping center-focused retail real estate investment trust said the proceeds were used to reduce its unsecured revolving line of credit. Kite Realty CEO John Kite said in a release that the sales form part of the company's strategy of selling noncore assets in secondary markets to continue improving the quality of its portfolio.
