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Kite Realty pockets $63M from sale of 2 retail assets in Alabama, North Carolina

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Kite Realty pockets $63M from sale of 2 retail assets in Alabama, North Carolina

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.