“PMAT and Bob Whelan have been excellent partners under our preferred equity program and reliable purchasers of Kimco assets.”
David B. Henry
Peaceable Street Capital - Founder
Kimco - Former Vice Chairman, President & Chief Executive Officer
Through our extensive relationships with industry professionals we primarily buy off market transaction in the Southeast, Sunbelt, Midwest and Mid-Atlantic regions of the United States.
We have completed several of our joint ventures with Pension Funds, Life Insurance Companies, Public and Private REIT’s, and other Institutional Partners in the past.
We have acquired the majority of our centers in off market transactions (although most times through brokers). We have never executed a contract and not closed. We are an extremely flexible, responsive, and entrepreneurial group—which is how we have closed every transaction we have put under contract including several in only 30 days.
Our ideal retail acquisition would be a grocery-anchored center that appears dated and has some deferred maintenance, a vacant junior anchor, and an anchor with good sales. Either an undercapitalized deal, disincentivized/underwater ownership, a center with out of town ownership that has not been hands on, or a deal that has been overlooked by a larger player/REIT because it is outside of their core focus, transitional/generational ownership, etc.
We will recapitalize the asset with funds available to address deferred maintenance, to renovate the center (site and façade), and to provide TILC for new tenant leasing at higher market rents. Frequently, we will also negotiate a new lease with the anchor tenant(s) in conjunction with a comprehensive remodel or construction of their new prototype (sometimes a tear-down and rebuild on location of existing store and sometimes elsewhere on the site) and a renovation of the center in conjunction with additional lease up at higher rates. We always pursue an extremely aggressive leasing strategy and give each of our properties a lot of personal attention.
Retail assets must have a strong national anchor tenant with good sales—preferably a dominant grocer/retailer in market such as Publix, Kroger, or TJ Maxx. We do not target assets solely with only second generation/lower tier anchors.
We prefer off market transactions before open marketing with compelling reason for sale—last asset in portfolio, insufficient capital stack, generational assets, equity underwater so seller is not motivated/attentive, inexperienced owner, etc
Our geography is detailed here and includes value-add retail and apartment opportunities across the Southeast and Sunbelt
While we are certainly not focused on primary markets, we are also not interested in demographically challenged or tertiary markets. We prefer assets located around a major market.
While we prefer larger deal size, our minimum criteria is approximately 65,000 square feet and 7.5-10M for retail. 100M+ is not a problem; we have no maximum
Must have significant value add potential and a good “story”