King's Lake Square, an 87,000-square-foot Publix-anchored shopping center at 4860 Davis Blvd., has been purchased from Stateside Properties by Kite Development.
David Stevens, CCIM, a principal with Naples-based Grubb & Ellis|IPC, negotiated the $11.25 million sale.
According to Stevens, centers such as King's Lake featuring well known national tenants such as Publix, Pizza Hut, Subway and Opti Mart are currently highly desirable properties.
"Kite is attracted to properties with strong national tenants in established neighborhoods," says Stevens. "They have been investing in such properties throughout the U.S. and initiated their entry into the Southwest Florida market with this purchase. It is the first of several Southwest Florida investments planned by the company."
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