KITE REALTY GROUP TRUST SELLS TWO ASSETS TOTALING $48.5 MILLION
INDIANAPOLIS AND ELGIN, ILL. — Indianapolis-based Kite Realty Group Trust (NYSE: KRG) has sold both phases of its Spring Mill Medical commercial asset located in Indianapolis, as well as its Silver Glen Crossing shopping center located in the Chicago suburb of Elgin. The 138,212-square-foot Silver Glen Crossing shopping center is anchored by Caputo’s Fresh Markets. The buyers of both properties were not disclosed. The transactions generated combined gross proceeds of approximately $48.5 million before adjusting for partners’ shares. The company’s share of net cash from the sale was approximately $23.6 million, the majority of which was used to pay down the company’s unsecured line of credit.