Shopping center

PMAT sells Megan Crossing mall

Press release

May 11, 2022

NEW ORLEANS, May 11, 2022 (Newswire.com) –
PMAT Companies has completed the sale of an 85,880 square foot Megan Crossing shopping center anchored in the Hobby Lobby in O’Fallon, Missouri, to an undisclosed private buyer for $7 million – with the parcels previously sold, the Megan Crossing’s total sale price is $12.75 million. PMAT originally acquired the center from a special fixer in 2018 for $8.25 million.

Since the acquisition, PMAT had signed a new lease with Foss Swim School and separately sold Dollar Tree and La-Z-Boy as single-tenant net leasehold properties. Despite losing Tuesday Morning as a tenant during the company’s restructuring following the onset of the global health crisis, PMAT completed the business plan for this four-year investment. The closure of the main center completed the complete sale of the asset. The sale is PMAT’s ninth transaction in the past 12 months.

PMAT is a real estate development and investment platform focused on Select Open Air Retail (SOAR) value-added investments in the Southeast, Sunbelt and Midwest regions. The PMAT platform was founded by ICSC trustee Bob Whelan in 2003 and the team has since transacted on nearly one hundred (100) anchored malls, with an aggregate transaction value of over $1.2 billion. dollars, or approximately 10.5 million square feet in total. PMAT’s proven investment strategy is to acquire value-add and high-yield Select Open Air Retail (SOAR) anchored by grocery, discount, off-price and staples tenants and create value at term through the redevelopment, renovation and relocation of these fundamentally sound assets.

For more information about PMAT, please visit www.pmat.com.

Source: PMAT Companies