KPR Centers bolstered its Chicago-area retail holdings with the company’s $40 million acquisition of Pointe Plaza, a nearly 195,000-square-foot grocery-anchored shopping center at 5660 W. Touhy Ave. in Niles, Illinois.
Situated approximately 15 miles north of downtown Chicago, the center is approximately 94 percent leased and anchored by Fresh Farms, Ross Dress for Less, dd’s Discounts, and Daiso, in addition to more than 20 retailers and restaurants. The asset is also shadow-anchored by Walmart, which was not part of the acquisition. CBRE’s Richard Frolik, Christian Williams and George Good represented the seller in this transaction. KPR now owns and self-manages more than 10 million square feet of retail space in 20 states.
This transaction represents the continuation of a robust 20-month acquisition period in which KPR Centers has purchased 13 shopping centers, totaling more than three million square feet of space, for nearly $450 million. Recent activity includes this summer’s acquisition of Shoppes at Knollwood, a 450,000 square foot grocery-anchored retail center in the Minneapolis suburb of St. Louis Park, Minnesota, as well as Markland Plaza and Markland Mall in Kokomo, Indiana, which represent a combined 480,000 square feet of space.
Last year, KPR Centers purchased Eagle Plaza, a nearly 230,000 square foot Philadelphia-area grocery-anchored neighborhood shopping center; University Hills, a 210,000 square foot grocery-anchored center in Denver; and an eight-property, 1.5 million square foot shopping center portfolio situated in the Midwest and Florida.
