Poag Shopping Centers, a pioneer in mixed-use lifestyle retail projects, has entered into a partnership that will extend its reach into residential development.
Poag and residential developer KRN Development have formed KPS Development Partners and will begin by focusing on opportunities in Memphis, where both partners are based.
“As lifestyle centers evolve from pure retail destinations into mixed-use properties, Poag Shopping Centers has long desired to expand its capabilities to residential development to maximize on a project’s impact,” said CEO Josh Poag. “This allows us to immediately expand into residential development without the steep learning curve required to build a platform from the ground up.”
In return, KRN will benefit from access to Poag’s back-of-house functions such as accounting, finance, and marketing. KRN’s CEO Scott Kern, serve as president of the new company, while Josh Poag and David Selberg, Poag Shopping Centers’ CFO, will serve as board members.
“Josh, David and I have a real passion for Memphis,” Kern said. “We look forward to leveraging our nearly 20-year professional relationship in the city and expanding to new markets where Poag is currently invested.”