ST. LOUIS-Koman Properties has become KP Development, and has added office and industrial development to its practice of retail properties. As part of the change, founder and president Jim Koman has stepped down to serve in an advisory role as chairman of KP.
Koman was known for developing, owning and managing more than 4.5 million square feet of retail in more than 25 states. However, in today’s slow economy, company officials said they felt it was time to branch out to other property types.
The new firm will focus on build-to-suit needs of single tenants with 10 years or more on an existing lease, with targeted deals expected in the range of $5 million to $40 million and 55,000 square feet or larger. Funding will be in part from the sale of some of Koman’s retail assets. KP will also include new subsidiary business Building Consultants LLC, which will provide third-party real estate services for clients seeking to expand single-tenant facilities.
Terry Barnes, who served as senior vice president with Koman, will take over duties as president of KP. “In today’s real estate environment, we believe the real opportunities lie in the office, industrial and specialty product development arena, which now makes the perfect time for us to add this strategic business opportunity,” he said in a statement. Scott Haley, former director of development for Koman, has been named SVP for KP.
Koman said the move is a reinvention of the firm, and will allow him to explore additional business interests in real estate investment. “We will be announcing an exciting and significant opportunity in the coming weeks,” he said in a statement. Both Koman and Barnes could not be reached for comment. It’s reported that KP is working on two construction deals that it hopes to announce by the end of 2011.
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