Kite Realty Group Trust buys Colonial Promenade Northdale

BUYER: KRG Northdale LLC, Indianapolis
SELLER: OZ/CLP Northdale LLC
PROPERTY: 15786 N. Dale Mabry Highway, Tampa
PRICE: $19.4 million
PREVIOUS PRICE: $17.7 million, January 1987
LAW FIRM ON DEED: Bryan Cave LLP, New York City

PLANS, DESCRIPTION: Kite Realty Group Trust purchased the 158,155-square-foot Colonial Promenade Northdale for $19.4 million.

The price equated to $123 per square foot. That figure is less than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Constructed in 1985, the Carrollwood-area community retail center was renovated in 1999. The property is anchored by a Bealls, Lifestyle Family Fitness and T.J.Maxx. Other prominent tenants include Crispers, Beef O' Brady's, Crunch Gym and Northdale Barbershop. The center was 93.4% occupied as of the CoStar Group's last review.

The sale marks the second Gulf Coast Colonial Promenade shopping center Kite Realty Group Trust acquired from Och-Ziff Capital Management Group in its 10-property portfolio purchase from the New York City private equity firm. Kite Realty Group Trust also acquired the 96,688-square-foot Colonial Promenade Burnt Store shopping center in Punta Gorda for $4.96 million.

The Indianapolis-based real estate investment trust acquired 2.1 million square feet worth of retail space in the Southeast from Och-Ziff for $307 million. The portfolio was 93% occupied at the time of the sale and included four properties in Florida, three in Alabama, two in Texas and one in Georgia.

As of Sept. 30, Kite Realty Group Trust had an interest in 62 commercial properties with 9.5 million square feet.