Kite Realty Group Trust buys Lithia Crossings

BUYER: KRG Lithia LLC (Kite Realty Group LP), Indianapolis

SELLER: Lithia Crossings LLC

PROPERTY: 3422 Lithia Pinecrest Road, Valrico

PRICE: $13.25 million

PREVIOUS PRICE: $100,000, $455,000 and $42,800, April 2002

LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Tampa

PLANS, DESCRIPTION: Indianapolis-based Kite Realty Group Trust purchased the 81,000-square-foot Lithia Crossings in Valrico for $13.25 million.

The price equated to $164 per square foot.

Anchored by Stein Mart, the center also houses Cold Stone Creamery, Panera Bread and Starbucks. It is currently 95.5% leased.

Based on initial income, the purchase price equated to a payoff (capitalization) rate of 8%.

“Lithia Crossings is an excellent addition to our operating portfolio as we select strong real estate in markets with superior demographics,” John Kite, Kite Realty Group's chairman and CEO, says in a press release. “We continue to take advantage of our relationships to identify and complete off-market transactions at desirable cap rates.”

Kite Realty Group Trust is a real estate investment trust that owns an interest in 62 operating community shopping centers and redevelopment properties totaling 9.2 million square feet. It also has two properties under development with another 500,000 square feet.