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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.