PMAT employs a very hands-on approach to management, leasing, and marketing. Equally as important, to turn properties around PMAT rejuvenates the curb appeal by updating the facade, upgrading the landscpaing, resealing and -striping the parking lot, erecting new pylon signs, and other high impact measures. Below are examples of this succesful strategy.
Wellington Park, Cary, NC
During the due diligence period, PMAT negotiated with Lowe’s Foods to self-fund the remodel of their store in conjunction with PMAT’s renovation of the balance of the center and site. Within twelve months, PMAT was also able to garner new leases in excess of 18,000 sf to bring the occupancy from 76% to 92%.
Windover Square, Melbourne, FL
PMAT acquired Windover Square when the center was in need of a repositioning. PMAT negotiated a new 20 year lease with Publix in conjunction with the demolition of their old premises and the construction of a new 45,600 square foot prototype in the same footprint.
PMAT also improved the parking lot, painted the center to match Publix new color scheme, upgraded the landscaping, and added new pylon signage. The addition of Dollar Tree cemented the solid tenancy base of national credit tenants at this stabilized asset that reached 94% occupancy.
St. JOhn's Plaza, Titusville, FL
After acquisition, PMAT facilitated a major repositioning of this asset. PMAT negotiated a new 20 year lease with Publix and constructed a new 45,600 square foot prototype adjacent to their existing store.
PMAT also redeveloped the remainder of the shopping center with a substantial façade upgrade, painting, new parking lot, lighting and landscaping. The former Publix was partially back-filled with Dollar Tree.
Algiers Plaza, New Orleans, LA
PMAT redeveloped the entire property by: demolishing 50,000 square feet of retail shop space; adding 150,000 square feet of primarily junior anchor space; reconfiguring the entire site and parkinglot; renovating the remaining existing shop space; and creating a grand entrance off of General DeGaulleDrive, the main artery.
In addition, Winn Dixie completed a $4 million tenant funded first to market “transformational remodel” of the existing Winn Dixie store to their new prototype which has been described as a “Whole Foods”.
PMAT brought Ross Dress for Less, Petco, and Burkes Outlet (among others) into the center/market in Phase I. Phase II features 65,000 square feet of additional space anchored by new tenants such as TJ Maxx, Famous Footwear, Payless, YouFit and which includes a first to market Buffalo Wild Wings.
Upon completion, Algiers Plaza will be the primary class-A retail regional center of gravity in the market with approximately 250,000 square feet of predominantly nationally recognized retail space.
Rockledge Square II, Rockledge, FL
In only six months, PMAT renovated and completely leased this former Walmart to synergistic co-tenants thatwould provide further draw to the property —Planet Fitness, Badcock Furniture, and Dollar Tree.
Through the renovation and re-tenanting process,PMAT brought a formally vacant center to 100% occupancy.