PMAT Executes Parcellation Strategy With Another STNL Spin-Off in Suburban Detroit
NEW BALTIMORE, Mich., March 8, 2023 (Newswire.com) - The PMAT Companies recently completed the sale of a 50,000-square-foot Dick's Sporting Goods — part of Waterside Marketplace in Chesterfield Township, MI — to Alpine Income Property Trust. This spin-off follows the 2021 single-tenant sale of a new construction Aldi — a lease that PMAT sourced shortly after acquiring the center in 2018. PMAT also previously delivered a new construction build-to-suit for Burlington at the property. The center now has several additional new national tenant leases executed or pending and is well-positioned for stabilization in 2023.
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. Since its inception in 2003, the team has completed nearly 100 transactions consisting of more than 11.2 million square feet with an aggregate value in excess of $1.3 billion. PMAT's proven investment strategy is to acquire value-add Select Open Air Retail (SOAR) assets anchored by grocery, discount, off-price, fitness, and necessity tenants and to create long-term value through redevelopment, renovation, and re-tenanting of these fundamentally strong investments.
Source: PMAT Companies