In addition to buying the retail center anchored by Dominick's, Kite Realty Group Trust also paid $2.8 million for two outlots totaling 16 acres that already are zoned for retail use. The company also could be in line for $1.5 million in tax increment financing.
Fox Lake Crossing is 94% occupied, with Hollywood Video also holding 6,100 sf. "This acquisition fits well with our strategy as it includes contiguous land for development and leverages our experience as developers to add value to operating properties," says president and chief executive officer John A. Kite.
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