In investment news from the heartland, Indianapolis real estate investment trust, Kite Realty Group, reports expanding its retail holdings with the purchase of a Wilmington, NC shopping center. Kite already owned a big stake in The Center in Carmel, and has now furthered its share.
Two deals wrapped up these past two weeks, a $3.5 million one for the 53,000 square foot center in Wilmington, and a buyout of a former partner’s share in the project for another $2.3 million. Kite currently owns a total of 53 properties across the US, and is intent on redeveloping this Wilmington center currently leased above 90 percent.
Kite’s financials dropped by over 10 percent in the final quarter of 2010 compared to the previous year. But overall the fund increased its operational funds. The fund also reported that their properties are currently leased at 92.2 percent, unchanged from previous metrics. For those wondering about the overall picture in Wilmington, the unemployment rate their is at about 10 percent, slightly higher than the national norm.
The Zillow chart below reveals the home situation in Wilmington, not as bad as many other places across the US. Home prices are down 10 percent since the previous year’s numbers, at about $140,000 for the median. Otherwise Wilmington seems stable comparatively, if not growing. Kite’s investment in redevelopment can only be good news for some sectors there.