Indianapolis-based Kite Realty Group has entered the Nashville market with a big buy in Williamson County.
Kite paid $37.5 million for Franklin's Cool Springs Market, a 224,000-square-foot center anchored by Dick's Sporting Goods, Marshall's, JoAnn Fabrics, Staples and Kroger. The center was built in 1995 and generates about $2.7 million a year in net operating income.
"Nashville is a new market for us that we are very excited to be entering as it aligns directly with our geographic strategy of growth cities in the Southeast, Midwest and Texas," said John Kite, chairman and CEO.
Kite focuses on neighborhood shopping centers, owning more than 60 totaling 9.3 million square feet.