OSWEGO, Ill., June 20, 2022 (Newswire.com) - The PMAT Cos. has acquired another Select Open Air Retail (SOAR) property. Prairie Market is a 135,000-square-foot SOAR center anchored by national credit tenants located in Oswego, IL—a growing western suburb of Chicago. In addition to the strong tenancy base, the asset benefits from a regional location with best-in-class shadow anchors across major categories such as Walmart, Hobby Lobby, and Aldi. This acquisition provides a strong in-place yield while offering multiple value-add opportunities through (i) renewal of near-term tenant rollover, (ii) leasing the existing 16,000 square feet of vacancy, (iii) executing a break-apart strategy to sell a multi-tenant out parcel building at a compressed cap rate, and (iv) the potential development of up to 40,000 square feet of additional space. PMAT will implement an intensive lease-up and management process to update and fully stabilize this center with direct attention from PMAT principals.
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PMAT is a real estate development and investment platform focused on value-add Select 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 consisting of over nearly 100 transactions with an aggregate transaction value of over $1.25 billion consisting of more than 10.5 million square feet in total. PMAT's proven investment strategy is to acquire value-add Select Open Air Retail (SOAR) assets anchored by grocery, discount, off-price and necessity tenants and to create long-term value through redevelopment, renovation, and re-tenanting of these fundamentally strong investments.
For more information on PMAT please visit www.pmat.com.