KPR Centers Buys Retail Portfolio for $180M

New York-based KPR Centers has acquired an eight-property shopping center portfolio for $180 million. The portfolio includes retail centers in Milwaukee, St. Louis, Jensen Beach, and Lakeland, Fla., comprising more than 1.5 million square feet of space. Cumulatively 96% leased at the time of the purchase, the portfolio is a combination of grocery-anchored and power centers, featuring anchors Dick’s Sporting Goods, Marshalls, Michael’s, Ross Dress for Less, The Fresh Market and others.

“This opportunistic acquisition furthers our mission of targeting core-plus and value-add shopping center assets with strong upside potential and credit-worthy tenants, in sections of the country that continue to exhibit population expansion and robust job growth,” stated Daniel Katz, a managing partner of KPR Centers. “We have been tracking the momentum and overall strength of several Midwest markets for some time, and the centers in Milwaukee and St. Louis matches the profile and fundamentals that are important to us, including a diverse, stable, and Internet-resistant tenant roster. Separately, the ongoing population shift driven by the attraction to the sunbelt’s favorable climate and outdoor lifestyle is well documented, and adding these market-dominant centers to our Florida-area holdings aligns with another element of our overall acquisition strategy.”