New York Firm Buys Pointe Plaza For $40M In Niles

NILES, IL — A New York-based real estate development group continues to grow its portfolio in Chicagoland as evidenced by its most recent purchase of Pointe Plaza for $40 million. KPR Centers announced the deal for the 195,000 square-foot shopping center last month.

Pointe Plaza, built in 1999, is approximately 94 percent leased, according to KPR Centers, and anchored by Fresh Farms, Ross Dress forLess, 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.

"We are extremely familiar with the Chicago-area retail market, based on our ownership of Schaumburg Corners in Schaumburg, which we acquired in 2021," KPR Centers Partner Eric Wolf said. "Pointe Plaza is a tremendous addition to our portfolio, given its diverse and high-profile tenancy, the nearly 700,000 people residing within a five-mile radius and the additional daytime population of more than 660,000."

According to KPR, the company has purchased 13 shopping centers for around $450 million over the last two years, including locations in Minnesota, Indiana, Pennsylvania, Colorado and Florida.