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PR Centers has acquired a 210,000-square-foot shopping center in Denver's University Hills neighborhood for $56.5 million, marking its first purchase in Colorado. The New York-based investor purchased the 17-acre retail property at 2750 South Colorado Boulevard from Ohio-based SITE Centers. The off-market deal translates to approximately $269 per square foot.

    The shopping center is fully leased and anchored by King Soopers, with tenants including Marshalls, Ulta Beauty, PetSmart, Five Below, Michaels, Office Depot, and Starbucks. KPR Centers' principal, Daniel Kaufthal, cited the property's "great location," "strong supermarket anchor," and diverse mix of retailers as key factors in its investment decision.

    The acquisition expands KPR Centers' presence to 18 states, with a total of 10 million square feet of grocery-operated shopping centers. The firm plans to enhance the property through asset management protocols, focusing on operating cost efficiencies. Kaufthal noted that this purchase marks the beginning of exponential growth for the company, following its established hockey stick growth strategy.

    SITE Centers had previously sold another Colorado retail property, Centennial Promenade, to Seattle-based Bridge33 Capital in August for $98.1 million.