PEACHTREE CITY, GA-Kite Realty Group Trust of Indianapolis has acquired the 282,125-sf expansion at the 135,762-sf Kedron Village Shopping Center here for $36.9 million. The price equates to $130.79 per sf based on total sf and $234.42 based on gross leasing area owned of 157,408 sf. The 12-year-old acquired property is 77.6% preleased.

The sellers/developers were Charlotte, NC-based Faison Enterprises and Peachtree City Holdings, a division of Pathway Communities based in Peachtree City. The property is between Georgian Park, GA 74 and Peachtree Parkway.The projected opening is July. The center’s expansion was approved by Peachtree City officials in 2004 after a public controversy on the size and design of the 125,000-sf Target store, as previously reported. Other anchors are Ross, Bed, Bath & Beyond and Petco. Peachtree City, with a population of 35,000, is 35 miles southwest of Downtown Atlanta.

John A. Kite, president and CEO of Kite Realty Group, says the community shopping center was acquired “at an attractive price prior to the seller fully marketing the property. This acquisition demonstrates our ability to source high quality assets in off-market transactions.” Kite adds, “Based on our proven in-house development track record, we are comfortable seeing the project through to completion.”

Kite says his company has paid Faison $22 million to date and will pay off the balance as construction nears completion. The CEO says the Kedron Village center acquisition is the company’s “third high-quality asset” in Atlanta.

The Indiana REIT “will continue to look at the dynamic markets in the Southeast US for future growth opportunities,” Kite adds. His company owns interests in 47 operating properties totaling 7.2 million sf and 12 properties under development that are projected to total 1.6 million sf.

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