BALLANTYNE – Kite Realty Trust Group, based in Indianapolis, has paid $15.9 million for Toringdon Market, the company announced this week.
Toringdon Market is a 60,000-square-foot shopping center at the intersection of Interstate 485 and Johnston Road. Earth Fare anchors the center. According to the Kite Realty announcement, the five-mile trade area around the center has an average household income of $107,000 and a population of 169,200.
“The acquisition of Toringdon Market gives us another high-quality asset in the Southeast,” said John A. Kite, the Company’s Chairman and Chief Executive Officer. “We will continue increasing our presence in the region as the population growth and household incomes are among the strongest in the country.”
Kite Realty Group Trust is a real estate investment trust that owns, operates, manages, leases, acquires, builds, develops and redevelops neighborhood and community shopping centers. Kite Realty owns interests in a portfolio of 63 operating and redevelopment properties totaling about 9.9 million square feet, and has four development properties currently under construction totaling 1.2 million square feet.
Other than Toringdon Market, Kite Realty owns four other shopping centers in North Carolina: one in Apex, one in Cary, one in Holly Springs and one in Wilmington.