The PMAT Companies completes the sale of an 10,880-square-foot unanchored shopping center in Smryna, Georgia, to an undisclosed private buyer for $3.3 million. PMAT originally acquired the center from a private seller in 2021 for $2.285 million.
Since the acquisition, PMAT signed two new leases and renewed an additional four tenants, totaling 72% of the GLA. The sale is PMAT's sixth transaction in the last 12 months and represents another successful example of PMAT implementing an intensive lease-up and management process to fully stabilize a center.
PMAT is a real estate development and investment platform focused on value-add Select Open Air Retail (SOAR) investments across the Southeast, Sunbelt, 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 $1.25 billion, consisting of more than 10.5 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.
For more information on PMAT, please visit www.pmat.com.
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Original Source: PMAT Sells Smryna Corners Shopping Center