ESTERO, FL-A joint venture between Indianapolis-based Kite Realty Group Trust and Miami-based Continental Real Estate Cos. paid $10 million in cash for a 33-acre, undeveloped land parcel at the southeast corner of Three Oaks Parkway and Corkscrew Road here. The land is zoned to permit retail development of up to 200,000 sf.
The acquisition "fits well into our Florida strategy," says John A. Kite, president and CEO, who adds, "we targeted the Estero area for development because it is experiencing high growth. The property is particularly attractive in light of the scarcity of entitled parcels in the area."
This is the JV's second partnership project in Florida. It acquired a 177,766-sf shopping center in Gainesville that is anchored by Wal-Mart. The partners are actively pursuing national anchor tenants for the Estero location, according to Kite.
In addition to the JV properties, Kite owns two centers aggregating 161,441 sf north of here in Naples and one each in Coral Springs, Daytona Beach and Orlando.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
