The sellers/developers were Charlotte, NC-based Faison Enterprises and Peachtree City Holdings, a division of Pathway Communities based in Peachtree City. The property is between Georgian Park, GA 74 and Peachtree Parkway.The projected opening is July. The center's expansion was approved by Peachtree City officials in 2004 after a public controversy on the size and design of the 125,000-sf Target store, as GlobeSt.com previously reported. Other anchors are Ross, Bed, Bath & Beyond and Petco. Peachtree City, with a population of 35,000, is 35 miles southwest of Downtown Atlanta.

John A. Kite, president and CEO of Kite Realty Group, says the community shopping center was acquired "at an attractive price prior to the seller fully marketing the property. This acquisition demonstrates our ability to source high quality assets in off-market transactions." Kite adds, "Based on our proven in-house development track record, we are comfortable seeing the project through to completion."

Kite says his company has paid Faison $22 million to date and will pay off the balance as construction nears completion. The CEO says the Kedron Village center acquisition is the company's "third high-quality asset" in Atlanta.