PMAT Acquires Select Open Air Retail (SOAR) Property, Prairie Market in Oswego, IL

The PMAT Cos. has acquired another Select Open Air Retail (SOAR) property.  Prairie Market is a 135,000-square-foot SOAR center anchored by national credit tenants located in Oswego, IL—a growing western suburb of Chicago. In addition to the strong tenancy base, the asset benefits from a regional location with best-in-class shadow anchors across major categories such as Walmart, Hobby Lobby, and Aldi.  This acquisition provides a strong in-place yield while offering multiple value-add opportunities through (i) renewal of near-term tenant rollover, (ii) leasing the existing 16,000 square feet of vacancy, (iii) executing a break-apart strategy to sell a multi-tenant out parcel building at a compressed cap rate, and (iv) the potential development of up to 40,000 square feet of additional space. PMAT will implement an intensive lease-up and management process to update and fully stabilize this center with direct attention from PMAT principals.