Kite Realty Adds to Portfolio With $58M Deal

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NAPLES, FL-Kite Realty Group Trust is close to growing its Florida retail portfolio to 1.28 million sf with the $58-million acquisition of three 100%-leased shopping centers totaling 318,522 sf in this Collier County community, 120 miles northwest of Downtown Miami.

The Indianapolis-based developer paid about $182 per sf for two properties on US 41 and a third on Airport Pulling Road. The acquisitions give Kite Realty six neighborhood centers in Metro Naples with a total gross leasable area of about 800,000 sf, says John A. Kite, the company’s president and CEO. Kite Realty also has 480,000 sf at two new centers under construction. The total 1.28-million-sf portfolio makes Kite Realty “well-positioned as a leading landlord of community and neighborhood shopping centers in the Naples market,” Kite says. He didn’t disclose the name of the properties’ seller.