TAMPA, FL-Lithia Crossings, an 81,000-square-foot unencumbered shopping center, has traded for $13.25 million at an 8% cap rate in an off-market transaction. The property is 95.5% leased.

Kite Realty Group Trust, a vertically integrated real estate investment trust, acquired the asset. The company expects to fund the majority of the investment through the pending disposition of non-core assets, property specific debt and/or working capital.

“Lithia Crossings is an excellent addition to our operating portfolio as we select strong real estate in markets with superior demographics,” says John Kite, Kite Realty Group’s chairman and CEO. “We continue to take advantage of our relationships to identify and complete off-market transactions at desirable cap rates.”