Kite Realty acquired Pine Ridge Shopping Center, anchored by Publix, Target and Beall's; Riverchase Shopping Center, anchored by Publix and Blockbuster; and Courthouse Shadows Shopping center, anchored by Albertson's and OfficeMax, for $58 million from a private German partnership. Indianapolis-based Kite now owns six neighborhood centers in the Naples area and is building two more. And that's just the beginning.

"We've been active in the Naples market for the last five years, both on the acquisition and development fronts," says John M. Kite, president and CEO. "We saw that the southwest part of Florida was growing rapidly. In fact, Collier and Lee Counties are two of the fastest growing in the country."

Naples' population (now about 253,000 including surrounding areas) increased 65% during the 1990s, according to Downing-Frye Realty. The city was ranked in 2005 by CNN/Money Magazine as one of the best cities to live. While population growth has slowed in the city itself in recent years, Collier County has seen a steady increase of 10,000 new residents annually, according to the US Census Bureau.

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