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Crossroads Center is a 554,720-square-foot open-air retail center in Gulfport, MS. Crossroads Center is the largest power center servicing the Gulfport region, and it benefits from a prominent location providing accessibility to thousands of people daily. Located at 15082 Crossroads Parkway, Crossroads Center sits at the intersection of Interstate 10 and US-49 and is home to Academy Sports, Belk, Cinemark, Barnes & Noble, T.J.Maxx, Ross Dress For Less, Burkes Outlet, Michaels, PetSmart, Five Below, ULTA Beauty, Shoe Carnival, Party City, and Old Navy. Overall, the center has more than 50 tenants. It is 92% occupied and contains several outparcels, including TGI Fridays, Chuck E. Cheese, Navy Federal Credit Union/Mattress Firm and Longhorn Steakhouse. The asset had been owned by Site Centers before and was sold as the last asset in their RVI disposition vehicle. PMAT joined ventured with Stirling Properties on this acquisition.
VALLEY RANCH CENTRE
Valley Ranch (Dallas), YX
Valley Ranch Centre, a 111,000-square-foot shopping center at 820 S MacArthur Blvd., in Coppell, TX—just 18 miles North of downtown Dallas. New long-term leases with Club 4 Fitness and Dollar Tree serve as anchors to this neighborhood center, which was 75 percent leased at the time of sale. PMAT plans to implement an intensive lease-up program to renovate and fully stabilize this center. Within months of closing, AutoZone executed the first new lease for a 7,000-square-foot endcap space. This quick addition of another national credit co-anchor to the tenant mix is the first step of PMAT’s value-add business plan to stabilize another underperforming but fundamentally sound anchored Select Open Air Retail (SOAR) center. Valley Ranch Centre is located on the intersection of MacArthur Blvd and Beltline Rd with combined traffic counts of over 50,000 VPD. Demographics in the area are strong with 216,000 people living in a 5 mile radius earning average incomes of $114,000.
SHOPPERS WORLD OF BROOKFIELD
Brookfield (Milwaukee), WI
Shoppers World of Brookfield is a 202,000 square foot Class A shopping center located in a regional retail node in Brookfield, WI. The center is anchored by Ross, Burlington, Xperience Fitness, and Pick & Save. At the time of acquisition, the asset was 79.7% occupied representing a great value-add opportunity in a market with average occupancy over 95%. Shoppers World of Brookfield is located in a regional trade corridor along Capitol Dr (45,000 vpd) and N 124th Street (26,000 vpd). Nearby tenants include Target, Hobby Lobby, Petco, Home Depot, Lowes, Aldi, REI and others. Demographics in the area are strong with 74,000 people living in a 3 mile radius earning average incomes of $84,000. Brookfield also is a dominant office market with 50,000 daytime employees in a 3 mile radius. PMAT was able to acquire this institutionally-owned center at below replacement cost (under $100/SF) providing attractive immediate cash-on-cash yield. Within a few months of PMAT's acquisition, the Chick FIl A and First Citizens outparcels were spun off. Leasing of the available 34,000 SF box provides further value-add potential.
Kissimmee (Orlando), FL
Columbia Promenade is a 66,000 square foot Publix-anchored neighborhood shopping center located in Kissimmee, near Orlando, FL. The center is anchored by Publix with a recent renewal and long term commitment to this site. At the time of acquisition, the asset was 92.7% occupied. The asset had been through foreclosure and was sold by the Special Servicer in the midst of the 2020 Covid pandemic. While many investors were sitting on the sidelines during this time, PMAT recognized a unique opportunity to acquire a recession proof asset in a highly coveted Orlando suburb at below market pricing and below replacement cost. Columbia Promenade is located on the intersection of John Young Parkway (45,500 VPD) and Columbia Ave (17,000 VPD). PMAT had deep prior knowledge of this dense submarket with explosive growth based on the acquisiton of nearby Gateway Station. Demographics in the area are strong with 194,000 people living in a 5 mile radius earning average incomes of $64,000.
Port Richey (Tampa), FL
Regency Crossings is a 86,000 square foot Publix-anchored neighborhood shopping center located in Port Richey, just North of Tampa, FL. The center is anchored by Publix with a long term commitment to this site. At the time of acquisition, the asset was 70% occupied and included an outparcel ready for development representing a great value-add opportunity. The asset had been neglected by previous ownership and PMAT immediately commenced a comprehensive redevelopment with a total roof replacement, LED lighting upgrades, milling and overlaying of the parking lot, overhauling the landscaping, painting, enhancing pylons, and doing façade work — a total redevelopment. Regency Crossings is located in on Ridge Road (30,000 vpd). Other retailers in this corridor include Walmart, Home Depot, Hobby Lobby, and others. Demographics in the area are strong with 147,000 people living in a 5 mile radius earning average incomes of $52,000. PMAT was able to acquire this center off market after it had fallen out of contract at below replacement cost (under $89/SF). During due diligence and within two weks of closing PMAT had signed two new leases - early indicators of a succefuls turnaround effort!
SOUTH ELGIN COMMONS
South Elgin Commons
South Elgin Commons is a 128,000 square foot Class A shopping center located in a regional retail corridor in South Elgin, IL, built in 2010. The center is anchored by Ross and LA Fitness with Target as a shadow anchor. At the time of acquisition, the asset was 63.4% occupied representing a great value-add opportunity in a market with average occupancy over 90%. South Elgin Commons is located in a regional trade corridor on Randall Road (30,000 vpd). Other retailers in this corridor include Target, Best Buy, TJ Maxx, Petsmart, Petco, Kohls, Jewel-Osco, and others. Demographics in the area are strong with 127,000 people living in a 5 mile radius earning average incomes of $117,000. PMAT was able to acquire this institutionally-owned center at below replacement cost (under $100/SF). A recently vacated 58,000 SF former Toys R Us / Babies R Us box provides rare value-add potential in this otehrwise well occupied submarket. Adjacent land for development provides additional upside.