Kite Realty sells Seattle-Area Center

by Nate Hunter

Indianapolis — The REIT’s proceeds after retiring loan are $7 million.

Indianapolis — Kite Realty Group Trust has closed on the sale of its Gateway Shopping Center property in Marysville, Wash., for a sales price of $29.4 million. The property was developed in a joint venture with Boise, Idaho-based White Leasure Development Company. The net proceeds retired the loan of $20.4 million, and the company’s remaining share was approximately $7 million. The center is about 35 miles north of downtown Seattle and is anchored by Ross Dress for Less, WinCo Foods, PetSmart and Rite Aid along with six outparcel pads, according to reports.

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