Kite Realty Group Trust recently announced the acquisition of three shopping centers totaling 318,522 square feet in Naples, Fla.
The total value of the off-market transaction was approximately $58 million, or $182 per square foot.
Highlights of the acquired properties:
- Pine Ridge Shopping Center is a 105,515-square-foot regional shopping center anchored by Publix. The property also includes non-owned anchors Target and Beall’s for an additional 153,350 square feet. The property is located at the southwest corner of Pine Ridge Road and Airport Pulling Road.
- Riverchase Shopping Center is a 78,340-square-foot neighborhood shopping center anchored by Publix and Blockbuster. The property is located at the northeast corner of U.S. 41 North and Immokalee Road.
- Courthouse Shadows Shopping Center is a 134,667-square-foot neighborhood shopping center anchored by Albertson’s and OfficeMax. The property is located at U.S. 41 East and Peter Street.
The properties were fully leased at the time of sale.
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust focused primarily on the development, construction, acquisition, ownership and operation of shopping centers in selected growth markets in the United States.