Kite Realty Group Sells Six-Property Inland Empire Retail Portfolio to DLC Management, DRA Advisors Joint Venture for $255 Million
Kite Realty Group (NYSE: KRG) has sold a six-property, approximately 1.1 million-square-foot open-air retail portfolio located in California's Inland Empire to a joint venture between DLC Management and a fund managed by DRA Advisors for $255 million, or $227 per square foot, according to NAI Capital's Second Quarter 2026 Inland Empire Retail Market Outlook.
Deal Details
The transaction involves six open-air retail properties totaling roughly 1.1 million square feet in the Inland Empire submarket of Southern California. Kite Realty Group Trust served as the seller. The buyer is a joint venture between DLC Management Corporation and a fund managed by DRA Advisors.
Individual property names, street addresses, year built or renovated, and occupancy rates were not disclosed in the source materials.
Inland Empire Retail Market Context
The transaction was highlighted in NAI Capital's Q2 2026 Inland Empire Retail Market Outlook, which documented conditions in the regional retail real estate market.
On the leasing side, volume rose 49.0% quarter-over-quarter and 11.6% year-over-year during the second quarter of 2026. Space under construction edged up 3.5% quarter-over-quarter but remained 28.0% below year-ago levels. Asking rents increased 0.6% quarter-over-quarter but slipped 1.7% year-over-year.
Investment sales volume fell 42.5% quarter-over-quarter, though it remained 21.4% above year-ago levels. Average sale price per square foot dropped 51.7% quarter-over-quarter and 29.8% year-over-year across the broader Inland Empire retail market.