Nagawaukee Center, a 32-acre retail center in Delafield, has been purchased for $36 million by New York City-based
KPR Centers, according to state records.
Record of the purchase was posted a day after record that
KPR Centers had purchased West Allis Towne Center for $22 million.
Both properties were purchased from an affiliate of Jericho, New York-based
Kimco Realty, which acquired 56 open-air shopping centers in January when it purchased RPT Realty for $2 billion, according to a press release.
This week, Kimco sold off eight of those shopping centers, according to a company spokesperson. The Delafield and West Allis properties were the only properties that Kimco owned in Wisconsin.
The two properties represent a total of 546,000 square feet of space: 220,000 square feet at Nagawaukee Center and 326,000 square feet at West Allis Towne Center.
Nagawaukee Center, located along Golf Road northeast of the intersection of I-94 and Highway 83, includes major tenants like Kohls, Albrecht's Sentry Foods and Marshalls, among others. It was built in 1994.
KPR Centers' purchase includes five separate buildings with about 25 storefronts in total.
The purchase does not include two buildings in the complex that
Hendricks Commercial Properties purchased last year for $17.3 million. Those buildings have tenants including Best Buy and Panera Bread.
West Allis Towne Center, with 25 storefronts currently, was built in 1987 and renovated in 2011.
KPR Centers, which has properties throughout the East Coast and Illinois, primarily acquires retail and industrial properties. According to the firm’s website, it usually only acquires retail properties larger than 75,000 square feet with a price of $25 million or more.
KPR Centers did not respond to request for comment.
