PMAT Sells newly constructed Panera Bread
DOWNERS GROVE, IL / ACCESSWIRE / October 2, 2023 / PMAT has officially closed on the sale of their newly constructed STNL Panera Bread build-to-suit at Downers Park Plaza in Downers Grove, IL.
By going the extra PMAT Mile, the team was able to parcellate the property to produce a new main-and-main outparcel that did not previously exist and to construct a new prototype building for a best-in-class tenant relationship.
PMAT navigated a myriad of complicated lease waivers to allow for the subdivision of this individual tax parcel and the subsequent development of this long-term, single-tenant net lease Panera Bread. PMAT has retained ownership of the adjacent ~124,000 square foot grocery-anchored shopping center and an additional interior outparcel for potential future development.
This disposition represents the culmination of another successful PMAT Break-Apart Strategy where "the sum of the parts is worth more than the whole" due to certain pieces of an asset trading in more liquid markets with a more aggressive buyer pool.
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 over the subsequent 20 years the team has acquired primarily grocery-anchored anchored shopping centers totaling nearly 100 transactions with an aggregate contract value in excess of $1.3 billion, consisting of more than 11.5 million square feet. 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 properties.
For more information on PMAT, please visit www.pmat.com.
VP Asset Management
SOURCE: PMAT Companies