New owner acquires two St. Louis-area shopping centers
ST. LOUIS COUNTY, Mo. – New ownership takes over for two St. Louis-area shopping centers.
KPR Centers, a New York-based retail real estate development and investment group, has acquired shopping centers in Ballwin and Maplewood as part of a $180 million acquisition.
The acquisition includes Central Plaza at 15323 Manchester Rd. in Ballwin and Deer Creek Shopping Center at 3200 Laclede Station Rd,, according to a news release.
It also includes out-of-state shopping centers in Milwaukee and Florida. The acquired shopping centers feature anchors such as Dick’s Sporting Goods, Marshalls, Michael’s, Ross Dress for Less, The Fresh Market and others.
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“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.
Ross Dress For Less are anchors of both Central Plaza and Deer Creek Shopping Center.
KPR Centers is active in 17 states with approximately 10 million square feet of owned and managed properties.
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