Poag Shopping Centers and KRN Development Launch KPS Development Partners to Expand Mixed-Use and Residential Expertise
Memphis, TN – Poag Shopping Centers and KRN Development announced today the formation of KPS Development Partners, a strategic joint venture designed to expand Poag Shopping Centers’ capabilities into multifamily and mixed-use development. The announcement was made by Josh Poag, president and CEO of Poag Shopping Centers, and Scott Kern, president and CEO of KRN Development.
“As lifestyle centers evolve from pure retail destinations into mixed-use properties, Poag Shopping Centers has long sought to expand into residential development to maximize the impact of these projects,” said Poag. “This partnership allows PSC to enter the residential development market immediately, leveraging KRN Development’s expertise without the steep learning curve of creating our own platform.”
KPS Development Partners will combine KRN Development’s experience in multifamily and mixed-use projects with Poag Shopping Centers’ retail management expertise. The venture will also provide KRN Development access to Poag’s back-of-house operations, including accounting, finance, and marketing.
The company’s initial development focus will be Downtown and Midtown Memphis, with plans to expand to other cities nationwide, particularly in the nine markets where Poag Shopping Centers currently operates. The firms are actively collaborating on multiple development opportunities ahead of the official company launch in early 2022.
KPS Development Partners will be headquartered at 1331 Union Avenue in Memphis’ Medical District. Scott Kern will serve as president of the new company, with Josh Poag and David Selberg, Poag Shopping Centers’ CEO and CFO, serving as advisory board members.
“Real estate trends continue to favor mixed-use projects anchored by a significant multifamily component,” said Kern. “Memphis is experiencing strong demand for these types of developments, and we are excited to support the ongoing revitalization of Downtown and Midtown. Josh, David, and I share a nearly 20-year professional relationship and a passion for creating transformative projects in Memphis and other markets where Poag invests.”
Kern previously served as COO and senior vice president of development at Poag Shopping Centers before founding KRN Development in 2019 to pursue mixed-use projects in Midtown and Downtown Memphis and select opportunistic developments in other markets.
Currently, KRN Development is acting as development manager for a 76-bed, 125,000-square-foot rehabilitation hospital in Center Valley, PA, for Good Shepherd Rehabilitation Network. The project is set to break ground in January 2022 and open in the first quarter of 2023. Kern leveraged his experience at The Promenade Shops at Saucon Valley, located across the street from the new hospital site, to guide the development process.