PMAT Expands Retail Portfolio with Over 1,000,000 Square Feet of Suburban Retail Space

PMAT has successfully completed the acquisition of three Suburban Open-Air Retail (SOAR) centers, totaling over 1,000,000 square feet, in the past six months. These acquisitions enhance PMAT’s portfolio in the Chicagoland area, including Crystal Point in Crystal Lake, Shops of Romeoville in Romeoville, and Orland Park Place in Orland Park.

Crystal Point, the largest of the three, was acquired with an 87% occupancy rate. Key tenants like Best Buy, TJ Maxx, and Ulta, among others, have helped achieve a full 100% occupancy. Following this, Shops of Romeoville was bought at 65% occupancy. Efforts post-acquisition have significantly increased its occupancy potential. The most recent acquisition, Orland Park Place, shows promising leasing developments, moving towards full occupancy from an 88% rate at acquisition.

These new additions follow PMAT's two-decade legacy of maintaining a "1.000 Batting Average" in closing acquisitions. The company continues to seek further suburban retail investment opportunities predominantly in secondary and tertiary markets, catering to mid-market deal sizes ranging from $10 million up to $150 million and beyond. PMAT’s strategy involves acquiring value-add properties and enhancing them through various renewal and leasing initiatives to maximize value.