Net proceeds from the sale will be used to pay off debt accrued through IRT's property acquisition and development program, with the remainder going towards new acquisition and development projects, the company reports.
IRT was founded in 1969 and has been a public company since 1971. In April, the REIT opened the 72,720-sf Conway Crossing in Orlando, FL. A redevelopment of an existing older shopping center, Conway Crossing opened 94% leased.
IRT currently has two additional shopping centers under construction for a total of 165,000 sf. Lutz Lake Crossing in Orlando is scheduled to open in Q2 2002, and The Shops at Huntcrest in suburban Atlanta is expected to open in Q4 2002.
"Our leasing activity on our development projects continues to be strong," says IRT chairman and CEO Thomas H. McAuley. "We expect each of our three developments to open this year at approximately 95% occupancy."
A self-administered equity REIT, IRT specializes in shopping centers within the Southeastern US. Anchor tenants include Publix, Kroger, Harris Teeter and Wal-Mart. The company's portfolio includes 92 shopping centers with 9.8 million sf of retail space.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
