KPR Centers Acquires 450,000-Square-Foot Retail Center Near Minneapolis
KPR Centers, a New York-based retail real estate development and investment company, has acquired the Shoppes at Knollwood, a 451,700-square-foot, grocery-anchored retail center located in St. Louis Park, a suburb of Minneapolis, Minnesota.
The property is currently 99 percent leased and features a strong roster of national retailers. Anchor tenants include Cub Foods, DSW Shoe Warehouse, HomeGoods, Nordstrom Rack, Old Navy, Total Wine & More, TJ Maxx, and Ulta Beauty. Additionally, the center houses approximately 30 more retail stores and dining establishments.
Shoppes at Knollwood also includes popular restaurants such as Applebee’s Grill + Bar, Caribou Coffee, Noodles & Company, and Panera Bread. Other tenants include Bath & Body Works, Foss Swim School, J.Crew Factory, and Mattress Firm.
Originally built in 1955 as Knollwood Mall, the property has undergone multiple transformations over the decades. It was converted into an enclosed mall in 1980 and later redeveloped back into an open-air shopping center in 2015 following a $30 million investment.
CBRE’s Christian Williams, Richard Frolik, and Michael Wilson represented both the seller and buyer in the transaction.
