PMAT Acquires Shops of Romeoville
*The PMAT Companies acquired another value-add anchored Select Open Air Retail (SOAR) center in suburban Illinois*
*ROMEOVILLE, IL / ACCESSWIRE / May 14, 2024 / *In December 2023, the PMAT Companies acquired another value-add anchored Select Open Air Retail (*SOAR*) center in suburban Illinois. The Shops of Romeoville is an 82,660-square-foot *SOAR* center located in Romeoville, IL-a growing suburb of Chicago that is a net employment creator with three colleges and over 10,000 students as well-with national credit tenants like TJ Maxx, Petco, and Discovery Clothing.
*PMAT Companies Logo*
The property benefits from this strong existing tenant base and a fundamentally sound location at a market-dominant intersection shared with retailers such as Walmart, Aldi, Blaine's Farm & Fleet, and only one mile from a top-performing Jewel Osco. Additionally, the asset is shadow anchored by the Ovation Center-a partnership between Senior Services of Will County and the Village of Romeoville that is delivering more than 125,000 square feet of health care services, business space and a state-of-the-art event center to serve the 55+ population of Will County and the broader community.
Despite these strong fundamentals and market momentum, this lender-owned property had significant remaining instability and legacy vacancy at only 65% occupancy with several month-to-month and short-term leases at the time of acquisition. Within months of closing, PMAT renewed existing anchor tenancy, to execute a new long-term lease with Ross Dress for Less, and to work with the Village of Romeoville to structure incentives to attract the right tenant mix to serve the remaining market gaps. PMAT's business plan is to reinvest in the site in conjunction with the Village of Romeoville and to work with the remaining existing retailers to achieve long-term commitments to the market while bringing exciting new tenants into the remaining vacancy. The execution of this intensive lease-up and management process-led by direct principal attention from PMAT ownership-updating and fully stabilizing the property is PMAT's proven strategy across the country.
PMAT remains extremely active in the capital markets and is seeking to acquire fundamentally sound but value-add *SOAR* shopping centers in suburban secondary and tertiary markets across the U.S. While our most typical deal size is $10M to $100M, our targeted transactions range from $5M to more than $150M.
For leasing info, contact leasing@pmat.com
For acquisition criteria, contact kevin@pmat.com
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 in fundamentally sound suburban secondary and tertiary markets. The PMAT Team has experienced over 100 transactions with a value of $1.5 billion consisting of nearly 12.5 million square feet across 17 states. PMAT's investment strategy is to acquire fundamentally sound but value-add *SOAR* assets anchored by grocery, off-price, necessity discount, and fitness tenants and to create long-term value through redevelopment, renovation, and re-tenanting.
www.pmat.com.
*Contact Information*
Jack Piermarini
jack@pmat.com
Ben Bolz
VP Asset Management
ben@pmat.com
Matt Whelan
Asset Manager
matt@pmat.com
*SOURCE:* PMAT Companies
View the original press release on newswire.com.