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KPR Centers Acquires 450K-SF Retail Center Near Minneapolis
KPR Centers, a New York-based retail real estate development and investment group, has acquired Shoppes at Knollwood, a 451,700-square-foot grocery-anchored retail center in the Minneapolis suburb of St. Louis Park, Minnesota.
The center is nearly 99 percent leased and is anchored by Cub Foods, DSW Shoe Warehouse, HomeGoods, Nordstrom Rack, Old Navy, Total Wine & More, TJ Maxx, and Ulta Beauty, in addition to approximately 30 more shops and restaurants. Christian Williams, Richard Frolik, and Michael Wilson of CBRE represented both the seller in this transaction.
Shoppes at Knollwood features restaurants Applebee’s Grill + Bar, Caribou Coffee, Noodles & Company and Panera Bread, and retailers Bath & Body Works, Foss Swim School, J.Crew Factory, and Mattress Firm in its tenant mix. Delivered in 1955 as Knollwood Mall, the asset has undergone several renovations and improvements over the decades, including its transformation into an enclosed mall in 1980. The center reverted to its open-air design in 2015 through a $30 million investment.
