Poag Shopping Centers, a pioneer in mixed-use retail projects, has entered into a partnership that will extend its reach to 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 to mixed-use properties, Poag Shopping Centers has long wanted to expand its capabilities into residential development to maximize a project’s impact,” said CEO Josh Poag. “It allows us to expand into residential development immediately without the steep learning curve required to build a platform from scratch.”
In return, KRN will gain access to internal Poag functions such as accounting, finance and marketing. KRN CEO Scott Kern will serve as chairman of the new company, while Josh Poag and David Selberg, chief financial officer of Poag Shopping Centers, will serve as board members.
“Josh, David and I have a real passion for Memphis,” Kern said. “We look forward to building on our nearly 20-year professional relationship in the city and expanding into new markets where Poag is currently invested.”