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.

The acquired properties are the 105,515-sf Pine Ridge Shopping Center, anchored by Publix at the southwest corner of Pine Ridge Road and Airport Pulling Road; the 78,340-sf Riverchase Shopping Center, anchored by Publix and Blockbuster at the northeast corner of US 41 North and Immokalee Road; and the 134,667-sf Courthouse Shadows Shopping Center, anchored by Albertson's and OfficeMax at US 41 East and Peter Street. The Pine Ridge Shopping Center property also includes non-owned anchors Target and Beall's for an additional 153,350 sf.

Nationally, the New York Stock Exchange-traded company owns interests in 50 operating properties totaling about 2.7 million sf, and in 12 properties under development which are expected to total about 1.6 million sf, according to Kite.