Kite Realty Group Trust, an Indianapolis, IN-based REIT focused on neighborhood and community shopping centers, has agreed to acquire a 224,000 square foot shopping center in the Nashville, Tenn. metropolitan area for $37.5 million, exclusive of closing costs, the company reported Monday.
The closing of the off-market transaction is subject to customary closing conditions.
The company also reported that it is pursuing a number of additional acquisition opportunities, including the acquisition of a 280,000 square foot shopping center in the Indianapolis market. The company said it is in advanced contract negotiations to acquire this asset in an off-market transaction for $39.3 million.
Like the Nashville property, there can be no assurance that this transaction will close.
At September 30, 2012, Kite Realty Group Trust owned interests in a portfolio of 60 operating and redevelopment properties totaling approximately 8.9 million square feet and an additional two properties currently under development totaling 0.6 million square feet.