The sellers/developers were Charlotte, NC-based FaisonEnterprises and Peachtree City Holdings, a division of PathwayCommunities based in Peachtree City. The property is betweenGeorgian Park, GA 74 and Peachtree Parkway.The projected opening isJuly. The center's expansion was approved by Peachtree Cityofficials in 2004 after a public controversy on the size and designof the 125,000-sf Target store, as GlobeSt.com previously reported.Other anchors are Ross, Bed, Bath & Beyond and Petco. PeachtreeCity, with a population of 35,000, is 35 miles southwest ofDowntown Atlanta.

John A. Kite, president and CEO of Kite Realty Group, says thecommunity shopping center was acquired "at an attractive priceprior to the seller fully marketing the property. This acquisitiondemonstrates our ability to source high quality assets inoff-market transactions." Kite adds, "Based on our proven in-housedevelopment track record, we are comfortable seeing the projectthrough to completion."

Kite says his company has paid Faison $22 million to date andwill pay off the balance as construction nears completion. The CEOsays the Kedron Village center acquisition is the company's "thirdhigh-quality asset" in Atlanta.