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INDIANAPOLIS-The locally headquartered retail REIT Kite Realty Group Trust is in the process of acquiring three neighborhood shopping centers in separate transactions for $78.5 million in cash and assumed debt. The properties total 460,000 sf and are located in Atlanta, Austin, TX and Vero Beach, FL. The company's agreement to acquire Plaza Volente, a 156,308-sf neighborhood center in northwest Austin, calls for a purchase price of $36.1 million. The H-E-B Grocery-anchored center was completed in 2004 and is 100% leased. Other tenants include Hollywood Video and Papa John's.The agreement for Fountain Oaks, a 160,598-sf neighborhood center in Atlanta's North Buckhead neighborhood, calls for a purchase price of $26 million, including $13.7 million in assumed debt. Redeveloped in 2004, the Kroger-anchored center is 92.8% leased. The third property is Indian River Square, a fully leased 144,246-sf community shopping center in Vero Beach that is anchored by Home Depot and Bealls Department Store. The agreement calls for a purchase price of $16.4 million. The property is located on Highway 60, a major artery connecting the city to Interstate 95. The acquisitions are expected to close by the end of the second quarter. It was not immediately known if there is one or more sellers involved in the transactions. According to an announcement, each seller has the option to terminate its agreement if any of the other acquisitions do not simultaneously close. Kite president/chief executive John Kite is at the Smith Barney REIT CEO conference in Naples, FL today and was unavailable for comment. A company source tells GlobeSt.com that upon cling of these transactions the company will have exceeded its 2005 acquisitions goal of $80 million.Kite Realty Group owns interests in 37 operating properties totaling 5.3 million sf. It also owns an interest in nine properties under development that will total 1.3 million sf.