Kite Flying High In Naples

NAPLES, FL-Kite Realty’s recent announcement that it had acquired three shopping centers in Naples, FL, is just one salvo in a full-fledged battle to expand its presence throughout the state.

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.”