INDIANAPOLIS, March 13, 2018 (GLOBE NEWSWIRE) — Kite Realty Group Trust (NYSE:KRG) (the “Company”) announced today that Nordstrom Rack has opened at Portofino Shopping Center in Houston, Texas (MSA).
The 27,252-square foot Nordstrom Rack joins several existing anchors, including T.J. Maxx, DSW, Michaels, PGA Superstore, Old Navy, and PetSmart. Portofino Shopping Center is part of the Company’s Redevelopment, Repurpose and Reposition (“3-R”) initiative, which also includes the recent addition of 13,000 square feet from the construction of two new standalone buildings.
“Nordstrom Rack will be a great addition to our Portofino Shopping Center,” said John Kite, CEO of Kite Realty Group Trust. “It joins a strong lineup of national retailers and shops, adding to our high-quality merchandising mix and optimized shopper experience.”
Portofino Shopping Center is located 30 miles north of downtown Houston in the suburban community of Shenandoah. The center is near The Woodlands, which is ranked as one of the Top 50 Best Selling Master Planned Communities in the nation.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) engaged primarily in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in select markets in the United States. As of December 31, 2017, we owned interests in 117 operating and redevelopment properties totaling approximately 23.3 million square feet and two development projects currently under construction.
Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our redevelopment and development portfolio, and identify additional opportunities to acquire or dispose of properties to further strengthen the Company. New investments are focused in the shopping center sector primarily in markets where we believe we can leverage our existing infrastructure and relationships to generate attractive risk-adjusted returns or otherwise in desirable trade areas. Dispositions are generally designed to increase the quality of our portfolio and to strengthen the Company’s balance sheet. For more information, please visit the Company’s website at www.kiterealty.com.
Kite Realty Group Trust
Dan Sink, Chief Financial Officer
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