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.