PMAT PMAT Is Acquiring 1,000,000 SF of Suburban Open-Air Retail in 6 Months

Transparency directive : regulatory news

16/05/2024 17:20

CHICAGO, IL / ACCESSWIRE / May 16, 2024 / PMAT has continued the "1.000 Batting Average" for closing acquisitions with over 1,000,000 square feet of value-add, anchored Suburban Open-Air Retail (SOAR) centers across three transactions in the last six months.

These three value-add, anchored suburban Chicagoland assets include:

  • Crystal Point, a 315,000-square-foot SOAR center located in Crystal Lake, IL
  • Shops of Romeoville, an 83,000-square-foot SOAR center located in Romeoville, IL
  • Orland Park Place, a 650,000-square-foot SOAR center located in Orland Park, IL

In November 2023, PMAT acquired Crystal Point at 87% occupancy with anchors such as Best Buy, TJ Maxx, Ross, Fresh Market, Steinhafels, World Market, and Ulta. With numerous tenant renewals and two executed national credit tenant anchor leases that bring the property to 100% occupancy, this asset is already stabilized.

One month later, PMAT acquired Shops of Romeoville at 65% occupancy with anchors such as TJ Maxx, Petco, and Discovery Clothing. Since acquisition, the team has renewed key tenants, executed a national credit tenant anchor lease, and sourced multiple letters of intent with the potential to bring the property to 100% occupancy.

In March of 2024, PMAT acquired Orland Park Place at 88% occupancy with anchors such as Dick's Sporting Goods, Nordstrom Rack, Hobby Lobby, Marshalls, Ross, Ashley Furniture, Barnes & Noble, and more. Although this acquisition just closed recently, the leasing progress has been encouraging with multiple existing tenant renewals and letters of intent from a myriad of new tenants with the potential to bring the property to nearly 100% occupancy.

Since inception in 2003, PMAT has maintained a perfect track record of closing every acquisition that the team has put under contract-a 1.000 batting average for 21 years. When Sellers need a reasonable transaction process with certainty of close, PMAT Performs.

PMAT remains extremely active in the capital markets and is seeking additional JVs and direct purchases of anchored value-add SOAR (Suburban Open-Air Retail) assets typically in the middle-market deal size of $10-50 million in suburban secondary and tertiary markets. Larger middle-market deals in the $50-150M+ deal size are also of interest as are deals below $10M where there is a significant value creation opportunity.

For leasing info, contact leasing@pmat.com.

For acquisition criteria, contact kevin@pmat.com.

About PMAT:

PMAT is a real estate development and investment platform focused on value-add Suburban Open-Air Retail (SOAR) investments across the Southeast, Sunbelt, and Midwest regions. The initial PMAT platform was founded by ICSC Trustee Bob Whelan in 2003, and the team has since acquired and renovated primarily grocery-anchored shopping centers in fundamentally sound suburban secondary and tertiary markets. The PMAT Team has experience of over 100 transactions with an aggregate value of $1.5 billion consisting of nearly 12.5 million square feet across 17 states. PMAT's proven investment strategy is to acquire fundamentally sound but value-add SOAR assets anchored by grocery, off-price, necessity discount, and fitness tenants and to unlock value through redevelopment, renovation, and re-tenanting.

Please visit www.pmat.com.

Contact Information

Jack Piermarini

Ben Bolz
VP Asset Management

Matt Whelan
Asset Manager

SOURCE: PMAT Companies


View the original press release on newswire.com.

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