Real Estate

KPR Centers Pays $180M for Retail Portfolio

KPR Centers has purchased a 1.5 million-square-foot retail portfolio in Florida and the Midwest for $180 million. Kimco Realty Corp. was the eight assets’ previous owner, according to CommercialEdge data.

Earlier this year, Kimco completed the acquisition of New York-based RPT Realty, in an all-stock transaction valued at $2 billion. The deal included a total of 56 open-air centers—out of which 43 were wholly owned—comprising 13.3 million square feet of gross leasable area. The eight properties acquired by KPR were part of that massive portfolio.

Located in Missouri, Florida and Wisconsin, the retail centers are anchored by a diverse mix of regional and national retailers such as Dick’s Sporting Goods, Marshalls, Michael’s, Ross Dress for Less and The Fresh Market, among others. The portfolio was 96 percent leased at the time of sale.

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KPR’s retail footprint totals more than 10 million square feet across 17 U.S. states. In 2022, the firm partnered with DRA Advisors for the purchase of 35 grocery-anchored shopping centers totaling more than 4.9 million square feet. One of those properties was recently subject to a $55 million financing deal.

The retail portfolio, up close

Completed in 1980, Deer Creek Shopping Center totals 208,112 square feet. Located within the Brentwood-Maplewood submarket, the shopping center occupies some 21 acres at 3200 Laclede Station Road in Maplewood, Mo. GFS Marketplace, Ross Dress for Less, Marshalls and Club Fitness anchor the property.

Central Plaza is located at 15287 Manchester Road in Ballwin, Mo., within the Western St. Louis County submarket. The 163,625-square-foot retail center is anchored by Ross Dress for Less, Old Navy, Jo-Ann Fabrics, Five Below and Dollar Tree.

The 220,083-square-foot Nagawaukee Center came online in 1994 at 3105 Golf Road in Delafield, Wis. The property’s anchor tenants include Sentry Foods, Kohl’s, Marshalls and HomeGoods.

West Allis Towne Center comprises four buildings completed in 1987. Located at 6702 W. Greenfield Ave. in West Allis, Wis., the 326,223-square-foot shopping center is anchored by Pan Asia, Burlington, Hobby Lobby and Planet Fitness.

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Totaling 174,439 square feet, Shoppes of Lakeland comprises four buildings spread on some 20 acres. Target, Ashley Furniture, TJ Maxx and Burlington anchor the property. The retail center is located at 3945 US Highway 98 N. in Lakeland, Fla.

Lakeland Park Center came online in 2014 at 919 Lakeland Park Center Drive in Lakeland, Fla. Dick’s Sporting Goods, Ross Dress for Less, Floor & Décor, PetSmart and ULTA anchor the 232,313-square-foot building.

Vista Plaza is a 109,761-square-foot shopping center situated at 2400-2600 NW Federal Highway in Stuart, Fla. Fresh Market, Michael’s and Total Wine are the asset’s anchor tenants.

Located at 3001 NW Federal Highway in Jensen Beach, Fla., Treasure Coast Commons totals 91,656 square feet. Anchored by Dick’s Sporting Goods, Bealls Outlet and Barnes & Noble, the retail center was 100 percent leased at the time of closing.

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