US retail real estate investor KPR Centers has added an eight-property shopping centre portfolio worth $180m (€210.7m) to its assets.
KPR has expanded its footprint in the Midwest market and bolstered its Florida-area holdings with the acquisition of the portfolio that includes retail centers in Milwaukee, St Louis, Jensen Beach, and Lakeland, comprising more than 1.5m sqft of space.
KPR said the transaction is in line with its strategy of identifying and purchasing ”high-profile core-plus and value-add retail shopping centre assets” located in targeted submarkets across the country.
The New York City-based retail real estate development and investment group is active in 17 states with approximately 10m sqft of owned and managed properties.
Daniel Katz, a managing partner of KPR Centers, said: “This opportunistic acquisition furthers our mission of targeting core-plus and value-add shopping centre assets with strong upside potential and credit-worthy tenants, in sections of the country that continue to exhibit population expansion and robust job growth.
“We have been tracking the momentum and overall strength of several Midwest markets for some time, and the centres in Milwaukee and St Louis match the profile and fundamentals that are important to us, including a diverse, stable, and Internet-resistant tenant roster.”
Katz added: ”Separately, the ongoing population shift driven by the attraction to the sunbelt’s favourable climate and outdoor lifestyle is well documented, and adding these market-dominant centres to our Florida-area holdings aligns with another element of our overall acquisition strategy.”
Eric Wolf, KPR Center’s managing director of acquisitions, said: “We have acquired eight well-maintained assets with highly diverse tenant rosters with a history of reputable institutional ownership, and we intend to maximise the portfolio’s value with an aggressive marketing and leasing program designed to fill any existing and upcoming vacancies.
”Over time, we also intend to scrutinise the existing tenant mix and examine re-tenanting strategies designed to maximise the potential of each property.”
Andrew Frank, KPR Center’s COO, said: “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.”
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