PECO Real Estate Partners and Almanac Realty Investors, LLC announce the formation of PREP Property Group, a retail focused real estate company. Almanac has committed to invest up to $300.0 million into PREP to continue the investment strategies of PECO Real Estate Partners.
Based in Park City, Utah, PREP is a vertically-integrated real estate company with exceptional retailer relationships and a highly experienced team of acquisitions, leasing, management, and development experts. PREP is led by President & CEO Michael Phillips, COO Sara Brennan, and a seasoned management team, all of whom have an average of 20+ years of retail real estate experience.
“We are excited to partner with Almanac, who has a proven track record of investing in experienced real estate platforms,” said Michael Phillips, President & CEO of PREP. “Almanac’s commitment signifies their confidence in our growth strategies and we look forward to their partnership and growing our portfolio.”
This new investment capital from an Almanac-managed fund will enable PREP to significantly grow its Strategic Investments division by repositioning and remerchandising lifestyle centers, power centers and enclosed malls that are undermanaged, capital-starved, poorly merchandised and/or distressed. PREP will also expand its Net Lease Investments division, which acquires well-located, triple-net lease retail properties from non-institutional sellers and creates value through lease term restructure or extension.
“This commitment to Mike Phillips and PREP continues Almanac’s tradition of supporting highly successful and experienced investors who see a strong market opportunity to create value,” said Andrew Silberstein, Partner at Almanac. “We are pleased to partner with Mike and his management team to grow the PREP business.”