Kite Realty Group Sells White Plains Mixed-Use Asset City Center for $50 Million
Kite Realty Group (NYSE: KRG) has completed the sale of City Center, a multi-level mixed-use asset located in White Plains, New York, for gross proceeds of $50 million, the Indianapolis-based real estate investment trust announced June 26, 2026.
The company said the transaction represents continued progress against its capital recycling objectives, consistent with commentary provided on its most recent earnings call. Kite Realty Group said it intends to provide additional detail on the use of sale proceeds and its remaining 2026 capital allocation activity during its next earnings call.
Asset Overview: City Center at White Plains
City Center is situated at 237 Martine Ave in White Plains, New York. The property is a multi-level, mixed-use asset comprising approximately 363,023 square feet of gross leasable area.
The center's tenant roster includes Target, Nordstrom Rack, Burlington, ShopRite, Showcase Cinemas, and the White Plains Performing Arts Center.
Based on the reported gross leasable area figure, the $50 million sale price implies a transaction value of approximately $138 per square foot of GLA.
Capital Recycling and Portfolio Strategy
Kite Realty Group describes itself as a REIT focused on open-air, grocery-anchored shopping centers and mixed-use destinations concentrated in high-growth Sun Belt and select strategic gateway markets. As of March 31, 2026, the company owned interests in 169 U.S. open-air shopping centers and mixed-use assets comprising approximately 27.3 million square feet of gross leasable area.
The disposition is consistent with the company's stated capital recycling objectives, as noted in its press release. Kite Realty Group did not provide additional commentary on the strategic rationale for the specific sale of City Center beyond referencing its capital recycling program.
Proceeds and Capital Allocation
Kite Realty Group did not disclose the buyer, cap rate, or specific financing terms associated with the transaction. The company said it will outline the use of the $50 million in proceeds — along with its broader 2026 capital allocation plans — on its next earnings call.
Kite Realty Group has been publicly listed since 2004 and brings more than six decades of experience in developing, operating, and investing in real estate. For investor inquiries, the company's contact is Tyler Henshaw, SVP of Capital Markets and Investor Relations, reachable at 317.713.7780.
About Kite Realty Group
Kite Realty Group (NYSE: KRG) is a real estate investment trust that owns and operates a portfolio of open-air shopping centers and mixed-use destinations. The company's portfolio is concentrated in high-growth Sun Belt and select strategic gateway markets. As of March 31, 2026, Kite Realty Group owned interests in 169 U.S. open-air shopping centers and mixed-use assets comprising approximately 27.3 million square feet of gross leasable area. Additional information is available at kiterealty.com.
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