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TAMPA — Kite Realty Group Trust bought Lithia Crossings, an 81,000-square-foot shopping center in Tampa, for $13.25 million. The shops, which are anchored by a Stein Mart, were 95.5% leased at the time of sale, a release says.
At the agreed-upon purchase price, Kite is acquiring Lithia at an 8% capitalization rate — that is, the shopping center should provide Kite with $1.3 million in annual tenant income, or 8% of the purchase price.
Lithia hosts a number of tenants with a national presence, including Cold Stone Creamery, Panera Bread and Starbucks. And Kite Realty estimates that 60,000 residents, with average household income of $100,000, live within three miles of the center.
Tampa-based United American Realty Corp. was the seller in the deal.
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