PMAT previously purchased this asset in 2003 and successfully leased and disposed of the asset generating over a 40% return in only eighteen months. The new owner subsequently lost the anchor theater tenant and forfeited the property to the lender.
PMAT began “tracking” the status of this property and negotiated a second purchase of the asset from the lender. Ultimately, in early 2012 PMAT acquired the property from the lender at an 80% discount to PMAT’s previous disposition price. During the due diligence period, PMAT both executed a replacement anchor lease with a regional theater operator who converted the theater to an upscale premium theater and sourced several additional tenants.