Kite Realty Group Trust buys Colonial Promenade Burnt Store

BUYER: KRG Burnt Store LLC, Indianapolis
SELLER: OZ/CLP Burnt Store LLC
PROPERTY: 3941 Tamiami Trail, various units, Punta Gorda
PRICE: $4.96 million
PREVIOUS PRICE: $11.9 million, June 1994
LAW FIRM ON DEED: Bryan Cave LLP, New York City

PLANS, DESCRIPTION: Kite Realty Group Trust purchased the 96,688-square-foot Colonial Promenade Burnt Store shopping center for $4.96 million.

The price equated to $51 per square foot. That figure is less than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

Anchored by Dollar General and Publix, the retail community center was built in 1990. The property also features a Bealls Outlet, Burnt Store Grille, First Choice Hair Cutters, a Re/Max real estate office and The Shipping Post.

According to the real estate research firm CoStar Group, the center was 96.8% leased as of its last assessment of the property.

Calls to Kite Realty Group Trust for comment were not returned prior to deadline. The real estate investment trust recently announced it acquired a portfolio of nine retail properties in Florida, Alabama, Georgia and Texas for $304 million. It was unknown as of deadline if the Punta Gorda property was included in the 2-million-square-foot portfolio sale.

As of Sept. 30, Kite Realty Group Trust had an interest in 62 commercial properties totaling 9.5 million square feet. It also has another three properties currently under development with another 1.2 million square feet of space.