INDIANAPOLIS--(BUSINESS WIRE)--Kite Realty Group Trust (NYSE:KRG) (“the Company”) announced today that it has acquired Rampart Commons in the Summerlin area of Las Vegas, Nevada. The Company acquired the 81,000 square foot shopping center for a gross purchase price of $32.3 million, including $12.3 million of assumed debt. The center is 100% leased and includes a merchandise mix of high quality retailers and restaurants, including Pottery Barn, Williams-Sonoma, Ann Taylor, Talbots, Chico’s and PF Chang’s. Other notable anchors at the intersection include Whole Foods and Target.
Rampart Commons is located on the northwest corner of N. Rampart Blvd. and W. Charleston Blvd. in the high-end retail area of Summerlin. The shopping center draws from an attractive trade area with an estimated population of 103,837 and average household income of $110,756.
“The Rampart Commons acquisition builds on our presence in the Las Vegas market and further enhances the quality of our portfolio, consistent with our strategy of owning first class real estate,” said John Kite, Chairman and Chief Executive Officer. “This high-profile addition to our portfolio is the direct result of our regional approach and, importantly, illustrates the positive impact our larger national presence has on our ability to source opportunistic, off-market acquisitions.”
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. As of September 30, 2014, the Company owned interests in a portfolio of 132 operating, development and redevelopment properties totaling approximately 26.7 million total square feet across 26 states. For more information, please visit the Company’s website at www.kiterealty.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to: national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy, financing risks, including the availability of and costs associated with sources of liquidity, the Company’s ability to refinance, or extend the maturity dates of, its indebtedness, the level and volatility of interest rates, the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies, the competitive environment in which the Company operates, acquisition, disposition, development and joint venture, property ownership and management risks, the Company’s ability to maintain its status as a real estate investment trust for federal income tax purposes, potential environmental and other liabilities, impairment in the value of real estate property the Company owns, risks related to the geographical concentration of our properties in Indiana, Florida and Texas, the dilutive effects of future offerings of issuing additional securities, and other factors affecting the real estate industry generally. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which discuss these and other factors that could adversely affect the Company’s results. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.