Kite Picks Up Shopping Center, While Whole Foods Sign Lease for Second Location
- Sep 13, 2013
Kite Realty Group Trust, a full-service, vertically integrated REIT focused on neighborhood and community shopping centers, has announced the acquisition of the 60,000-square-foot Toringdon Market in the Ballantyne submarket of Charlotte.
Kite paid $15.9 million for the grocery-anchored retail asset, not including closing costs. The shopping center boasts a 97 percent occupancy rate, with its tenant roster including a host of eateries, such as Tsuki Japanese Steak House and Sushi Bar, Brigs, Zeitouni Mediterranean Grill, as well as retailers such as Ballantyne Jewelers, Big Frog and several others.
The property’s anchor tenant is Earth Fare, a health- and environment-conscious grocery store with a food philosophy that bans artificial sweeteners, preservatives and colors among a host of other substances, while also striving to source products from within a 100-mile radius of its store locations.
Located at the intersection of I-485 and Johnston Road, the shopping center’s five-mile trade area comprises a population of 169,000 with an average household income of $107,000.
“The acquisition of Toringdon Market gives us another high-quality asset in the Southeast,” says Company Chairman and CEO, John A. Kite.
Kite expressed his company’s intent on expanding its asset base in the region, which is spurred by strong population and income growth.
According to the Charlotte Business Journal, the seller RREEF, a REIT, was represented by Berkeley Capital Advisors.
In other retail news, metro Charlotte’s northern part will likely get its highly-anticipated Whole Foods Market, as the natural and organic foods supermarket chain announced its intent to open a second location in Metrolina.
While Charlotte’s first Whole Foods opened a little more than a year ago in Charlotte’s affluent SouthPark neighborhood, the newest store was announced for the Lake Norman area, another upscale area of metropolitan Charlotte. The 35,000-square-foot store is expected to open in late 2014.
According to the Charlotte Business Journal, Whole Foods Market Inc. has signed a 36,500-square-foot lease in Huntersville’s Northcross Commons shopping center, taking up the better part of a Food Lion store, that had previously announced its intent to close.
The shopping center is owned by Charlotte-based Hawthorne Retail Partners. Upgrades to the property, as well as an influx of new tenants are expected by the owners.
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Image credit: Hawthorne Retail Partners