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| IPC Brokers Three Major Sales for Kite Realty Group NAPLES, Fla. (July 10, 2006) – Kite Realty Group (KRG) recently purchased three high profile retail centers for a total of $57.7 million from a European partnership. David J. Stevens, CCIM, a principal with Naples-based Investment Properties Corporation (IPC), represented the buyer. “These acquisitions establish Kite Realty Group as a premier shopping center operator in Naples and Southwest Florida,” says John A. Kite, president and CEO of KRG. “We see Naples becoming one of the strongest markets in the nation in population and household income growth and will continue development and acquisitions in the area. It is currently one of our primary markets.” The three shopping centers purchased are all 100-percent leased and include: Riverchase Shopping Center is a 78,340-square-foot Publix-anchored shopping center with a Blockbuster store at the northeast corner of U.S. 41 and Immokalee Road. Pine Ridge Shopping Center, a 105,515-square-foot regional shopping center at the southwest corner of Pine Ridge Road and Airport Pulling Road, is anchored by Publix, Target and Beall’s. The Pine Ridge Shopping Center purchase does not include the additional 153,350 square feet owned by Target and Beall’s. Courthouse Shadows Shopping Center, a 134,667-square-foot shopping center located at U.S. 41 East and Peter Street, is anchored by Albertson’s and Office Max. Stevens of IPC also brokered the KRG purchases of Kings Lake Square and Eagle Creek Shopping Center in recent years. KRG, an Indianapolis-based public company traded on the New York Stock Exchange (NYSE: KRG), now owns six neighborhood shopping centers in the Naples area with a total gross leasable area of approximately 800,000 square feet, and it is currently developing two centers with an estimated total gross leasable area of 480,000 square feet. In addition to Stevens, IPC is owned and operated by principals William V. Gonnering, CCIM, SIOR, and Craig D. Timmins, CCIM. A true team approach utilized by IPC is a distinguishing feature of the firm; the IPC staff often works as a whole on each client account. IPC is celebrating its 30th Anniversary. Since 1976, the IPC team has serviced Southwest Florida with buyer and seller representation, site selection, leasing, exchanges, consulting and development services. IPC is located at 3838 Tamiami Trail North, Suite 402, in Naples. For more information: (239) 261-3400 (phone); (239) 261-7579 (fax); www.ipcnaples.com.
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