Kedron Village sold to realty group

Mon, 05/08/2006 - 8:43am
By: John Munford

Kedron shopping center

The third phase of the Kedron Village shopping center has been sold to Kite Realty Group Trust based in Indianapolis, Ind.

Kite acquired roughly 157,000 square feet of leasable space in the transaction. It did not purchase the Target building, which will be owned by that corporation, nor the existing retail stores that were part of the first two phases of development.

David Lee, vice president of operations for Kite Realty, said the stores should open in early July.

Among the larger stores signed up for the development are Ross Dress for Less, Bed Bath and Beyond, Petco and Hibbett Sports, Lee said. There will also be several restaurants including Osaka Japanese Steakhouse, Panera Bread and Shane’s Barbecue in addition to a Jittery Joe’s coffee shop, he added.

There will also be a variety of other business on-site including a bank, a dry cleaners, a vitamin store, a cell phone store, a mattress store, a travel agency, a nail salon and a Radio Shack, Lee said.

There is some second-floor office space still left on the property, Lee said.

Lee declined to reveal the purchase price, which was $36.9 million according to published reports.

Lee said he was impressed with Peachtree City after visiting the area last week.

“Peachtree City seems to be a very up-to-date city and very proud about who they are and what they bring to the south Atlanta area,” Lee said. “This will be an excellent amenity for Peachtree City.”

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