KPR Centers Expands its Footprint in The Midwest and Bolsters Florida-Area Holdings with $180M Acquisition of Eight Shopping Centers Totaling More Than 1.5M SF of Retail Space

Centers in Milwaukee, St. Louis, Jensen Beach, and Lakeland are cumulatively 96 percent occupied and feature anchors Dick’s Sporting Goods, Marshall’s, Michael’s, Ross Dress for Less, and The Fresh Market

KPR Centers, a New York City-based retail real estate development and investment group active in 17 states with approximately 10 million square feet of owned and managed properties, has expanded its footprint in the Midwest United States market and bolstered its Florida-area holdings with the acquisition of an eight-property shopping center portfolio for $180 million. The portfolio includes retail centers in Milwaukee, St. Louis, Jensen Beach, and Lakeland, comprising more than 1.5 million square feet of space. Cumulatively 96 percent leased at the time of the acquisition, 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.

Lakeland Park Center – Lakeland, Florida

“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 match 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.”

Treasure Coast Commons – Jensen Beach, Florida

The eight shopping centers included in this acquisition are:

Missouri-area shopping centers

  • Central Plaza, a 163,625 square foot asset in Ballwin. Anchored by Ross Dress for Less, Old Navy, Jo-Ann Fabrics, Five Below and Dollar Tree, the center is 79 percent occupied.
  • Deer Creek Shopping Center, located in Maplewood. This 208,122 square foot center is 98 percent leased and anchored by GFS Marketplace, Ross Dress for Less, Marshalls and Club Fitness.

Wisconsin-area shopping centers

  • Nagawaukee Center, a 220,083 square foot, 98 percent occupied shopping center located in Delafield. Anchor tenants include Sentry Foods, Kohl’s, Marshalls and HomeGoods.
  • West Allis Towne Center, a 326,223 square foot center anchored by Pan Asia, Burlington, Hobby Lobby, and Planet Fitness. Located in West Allis, the asset is 97 percent occupied.

Florida-area shopping centers

  • Lakeland Park Center, a 232,313 square foot center located in Lakeland, is 100 percent leased and anchored by Target, Dick’s Sporting Goods, Ross Dress for Less, Floor & Décor, PetSmart and ULTA.
  • Shoppes of Lakeland, a 174,439 square foot asset in Lakeland,is 100 percent occupied and anchored by Target, Ashley Furniture, TJ Maxx, and Burlington.
  • Vista Plaza, located in Stuart, is a 109,761 square foot shopping center anchored by Fresh Market, Michael’s and Total Wine and is 100 percent occupied.
  • Treasure Coast Commons, a 91,656 square foot center in Jensen Beach, is 100 percent occupied and anchored by Dick’s Sporting Goods, Bealls Outlet and Barnes & Noble.

This eight-property acquisition continues KPR Centers’ strategy of identifying and purchasing high-profile core-plus and value-add retail shopping center assets located in targeted submarkets across the country. In 2022, the company acquired Providence Town Center, a 760,000 square foot retail center located northwest of Philadelphia in Collegeville, Pennsylvania, and a portfolio of 35 grocery-anchored shopping centers comprising more than 4.9 million square feet of space from Cedar Realty Trust for $879 million, each with a joint venture partner.

“We have acquired eight well-maintained assets with highly diverse tenant rosters with a history of reputable institutional ownership, and we intend to maximize the portfolio’s value with an aggressive marketing and leasing program designed to fill any existing and upcoming vacancies,” stated Eric Wolf, KPR Center’s ManagingDirector of Acquisitions. “Over time, we also intend to scrutinize the existing tenant mix and examine re-tenanting strategies designed to maximize the potential of each property.”

“This acquisition came to fruition because of the deep relationships we maintain in the retail real estate community and, while others may remain on the sidelines, we intend to remain aggressive in our mission to acquire new value-add and core plus properties across the country,” stated Andrew Frank, KPR Center’s Chief Operating Officer.  “The complexity of this transaction cannot be overstated and I’m proud of the contributions of the whole KPR team in bringing this to a close.”

KPR Centers has a defined strategy of acquiring retail and industrial properties within select markets that offer a compelling opportunity to create value.  KPR Centers is a vertically-integrated investor with in-house retail leasing, management and development operations tailored to maximize value through proactive leasing, repositioning, and redevelopment of its properties.  Established in 2003, KPR Centers has since expanded its footprint to 17 states within the greater New England, New York State, Mid-Atlantic, Midwest and Southeast submarkets. KPR Centers’ successful track record of strategic acquisitions and dispositions has led to transactions and trusted partnerships with public REITs, institutions, private equity groups and family offices. For additional information, visit