The St. Louis Park shopping center formerly known as Knollwood Mall just traded hands for the first time in a decade.

The Shoppes at Knollwood sold last week for about $85 million, slightly more than its appraisal value, according to a public record filed with the Minnesota Department of Revenue.

The new owner is KPR Centers, a New York retail real estate development and investment group. This is the company's first Minnesota property.

The seller, Chicago-based investment manager Heitman, bought the shopping center for almost $107 million in 2015.

Located along Highway 7, the Shoppes at Knollwood is anchored by a high-performing Cub Foods store. Other tenants include DSW, Nordstrom Rack, TJ Maxx, HomeGoods, Ulta Beauty, and Old Navy.

Originally built in 1955 as Knollwood Mall, the sho

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