Acquisition Thesis
The PMAT platform transacts on Select Open Air Retail (SOAR) where there is an opportunity for hands-on ownership to create value.
Our proven thesis is that macro market inefficiency creates micro market opportunity for nimble, private capital. With this perspective, we apply a targeted acquisition platform to purchase Select Open Air Retail (SOAR) anchored primarily by strong grocery, off-price, discount, necessity and fitness tenants that are:
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fundamentally strong assets with a basis below replacement cost occupied by
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well-performing tenants with a good corporate story that are
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producing solid sales and sustainable health ratios at the center while
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paying replaceable, below market rents at
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locations and markets that maintain strong, pent up retailer demand.
PMAT maintains a perfect track record of closing every acquisition we have put under contract since inception in 2003—a 1.000 batting average over 20 years and through an array of property level and market level challenges.
Detailed Criteria
Deal Size
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PMAT has completed deals from $5M to $100M+.
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Our ideal acquisition is $10-$30M total Capitalization
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SF up to 1,000,000
Location & Demographics
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Suburban secondary/tertiary markets
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Typically with 100K+ residents in a 5-mile trade area
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Above average Median household incomes (+$60K)
Tenancy
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Anchored by well-respected and corporately sound grocery, off-price, discount, necessity, and fitness tenants
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Must have profitable tenant sales/health ratios
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Must have reasonable and replaceable rents
Value-Add Driven
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Mid-low 80% occupancy or less and/or additional opportunities to create value in the near term
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Need for capital infusion to renew, retenant, and/or renovate the center