O'FALLON, Mo., November 1, 2023 (Newswire.com) - The PMAT Companies officially closed on the sale of a newly constructed single-tenant 7 Brew Coffee located on an out parcel to Megan Crossing in O’Fallon, MO.
This final deal follows the prior STNL spin-offs of Dollar Tree and La-Z-Boy as well as the successful releasing and disposition of the 85,880-square-foot Hobby Lobby anchored main center in 2022. As an additional value-enhancement strategy, PMAT carved out a small out parcel on Highway K for future development, and the team was able to quickly source a long-term ground lease with a large franchisee of 7 Brew Coffee shortly thereafter. This transaction concludes another successful value-add execution through anchor leasing, renewals, parcellation, new development, and fractional sales.
PMAT has a 20-year track record of success across multiple cycles and remains active in sourcing value-add acquisitions, executing new leases, and completing strategic dispositions amidst the current capital market challenges.
PMAT is a real estate development and investment platform focused on value-add Select Open Air Retail (SOAR) investments across the Southeast, Sunbelt, Southwest, 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 consisting of nearly 100 transactions with an aggregate transaction value in excess of $1.3 billion, consisting of more than 11.5 million square feet in total. PMAT's proven investment strategy is to acquire value-add Select Open Air Retail (SOAR) assets anchored by grocery, discount, off-price and necessity tenants and to create long-term value through redevelopment, renovation, and re-tenanting of these fundamentally strong investments.
VP Asset Management
Original Source: The PMAT Companies Officially Closed on the Sale of a Newly Constructed Single-Tenant 7 Brew Coffee