Poag Shopping Centers

Corporate Headquarters
1770 Kirby Parkway, Suite 215
Memphis, TN 38138
Phone: 901.761.7604
Fax: 901.761.5325

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POAG SHOPPING CENTERS AND KRN DEVELOPMENT PARTNER TO LAUNCH KPS DEVELOPMENT PARTNERS

New mixed-use development venture will launch in early 2022

MEMPHIS, TN., – Poag Shopping Centers and KRN Development announced today that they have partnered to launch KPS Development Partners. Josh Poag, president and CEO of Poag Shopping Centers, and Scott Kern, president and CEO of KRN Development, made the announcement.

“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 be able maximize the impact these projects can have.  This partnership allows PSC to immediately expand into residential development, without the steep learning curve that creating its own platform would require,” said Poag.”

KPS Development Partners will ​​leverage KRN Development’s experience in multifamily, mixed-use and development to complement Poag’s retail management expertise in multiple markets across the country. The new development company will also give KRN Development access to Poag Shopping Center’s back-of-house functions such as accounting, finance and marketing.

The company’s development focus will start with Downtown and Midtown Memphis, with the goal of expanding to other cities nationwide–primarily in the nine markets where Poag Shopping Centers already has a presence. The firms are actively working together on various development opportunities leading up to the official launch of the company in early 2022.

KPS Development Partners will be located at 1331 Union Avenue in the Medical District. Scott Kern, president and CEO of KRN Development, will serve as president of the new company with Josh Poag and David Selberg, Poag Shopping Center’s CEO and CFO, acting in an advisory role as board members.

“Trends in real estate development continue to evolve with an eye on mixed-use anchored by a significant multifamily component.  Memphis is experiencing high demand for these types of projects, and we are excited to contribute to the revitalization that is already occurring in the Downtown and Midtown markets,” said Kern. “Josh, David, and I love Memphis and want to leverage our nearly 20-year professional relationship in this city and the other markets in which Poag has invested.”

Kern previously served as the COO and Sr. Vice President of Development at Poag Shopping Centers. In 2019, he created KRN Development with a focus on pursuing mixed-use development projects in Midtown and Downtown Memphis, as well as opportunistic developments in other markets.

Currently, KRN Development is acting as the development manager on a 76-bed, 125,000-square-foot rehabilitation hospital in Center Valley, PA for Good Shepherd Rehabilitation Network. The project breaks ground in January 2022 and will open in the first quarter of 2023. Kern leveraged his experience and relationships built at Poag Shopping Centers’ property, The Promenade Shops at Saucon Valley located across the street from the new hospital site, to steer the development process.

For more information, please visit https://www.poagllc.com/ and http://www.krndev.com

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Poag Shopping Centers

Poag Shopping Centers leases and manages a portfolio of successful lifestyle properties that have established the firm as one of the most accomplished and admired developers in the industry. Over three decades ago, Dan Poag with then business partner Terry McEwen founded the predecessor to today’s Poag Shopping Centers, Poag & McEwen Lifestyle Centers, LLC and coined the term “lifestyle center” to describe what is now the most effective, branded, physical retail niche. From subtle design elements to carefully crafted tenant mixes, Poag’s signature ability to translate small details into big experiences creates spaces and places that resonate with comfort, convenience, and connectivity. Poag centers are true community environments, destinations packed with the brands you know, and animated with immersive elements that make them memorable and inviting. For more information visit www.poagllc.com.

KRN Development, LLC

KRN Development is a Memphis-based, full-service real estate development company focused on mixed-use development in urban and suburban markets across the country. The President and CEO is Scott Kern and KRN Development has current projects such as URBN on Union, Good Shepherd Rehabilitation Network, and Butler Row. These properties have been groundbreaking, often acting as a catalyst for future development in the areas they are located. Through careful design and technology, KRN develops with a commitment to environmental sustainability and cultural integrity, ensuring a high caliber into the future. For more information visit www.krndev.com.

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