PREP Property Group Acquires Tires Plus Outparcel in Plainfield, Indiana

PARK CITY, Utah–(BUSINESS WIRE)–PREP Property Group Inc. (“PREP” or the “Company”), a vertically
integrated real estate company focused on creating value in retail real
estate, is pleased to announce the acquisition of a Tires Plus outparcel
located in Plainfield, Indiana. The center is the latest project to be
added to the PREP Net Lease division portfolio.

The 6,832 square-foot building is situated on just under one acre
directly off Indiana US-40, a major east and west thoroughfare, that
serves as Plainfield’s main retail corridor. Tires Plus is a subsidiary
to the Bridgestone Corporation, which is a multi-national auto parts
manufacturer founded in Japan in 1931. As of 2017, Bridgestone
Corporation is the largest manufacturer of tires in the world with 141
production facilities in 24 countries. Bridgestone acquired the
Firestone Tire and Rubber Company in 1988 and became the majority owner
of Morgan Tire & Auto, Inc. in 2013. Tires Plus has been a subsidiary of
Morgan Tire & Auto since it was acquired in July 2000. Bridgestone is
currently the largest retailer of tires in North America with
approximately 2,200 stores.

“It is an exciting time for PREP as we continue to grow our Net Lease
portfolio,” said Michael C. Phillips, PREP President and Chief Executive
Officer. “Located just west of Indianapolis, a major metropolitan
market, Tires Plus is a national brand that exemplifies what PREP is
looking for in our acquisitions.”

With a legacy of transforming retail properties, PREP has the expertise
and experience to optimize retail property value. The Company’s Net
Lease Investments division acquires well-located, single-tenant net
leased retail properties throughout the United States. The Net Lease
team aims to acquire a diverse mix of tenant credit, uses, and
geographies. Our focus is to identify sites with strong real estate
fundamentals and improve the leases, terms or creditworthiness to create
value in the assets and the portfolio.

In addition to the Net Lease Investments division, PREP has a Strategic
Investment division that focuses on identifying prime retail locations
with development, leasing or redevelopment opportunities through a
focused investment strategy. The Strategic Investment portfolio
currently includes Hanover Crossing in Hanover, Massachusetts, Kenwood
Collection in Cincinnati, Ohio, Shadow Lake Towne Center in Papillion,
Nebraska and The Shoppes at Parma in Parma, Ohio.

About PREP Property Group (PREP)

PREP Property Group is a vertically-integrated real estate company
founded by Michael C. Phillips, co-founder of Phillips Edison & Company,
and built on the foundations of Phillips Edison’s strategic and net
lease real estate divisions. PREP is focused on transforming retail
real estate by repositioning lifestyle centers, power centers and
enclosed malls that are undermanaged, capital starved, poorly
merchandised and / or distressed. PREP also acquires and manages
well-located, triple-net retail properties from non-institutional
sellers and creates value through lease restructure or tenant upgrade.
For more information, please visit our website at www.preppg.com.

Contacts

PREP Property Group Inc.
Michelle Devlin, 513-824-7135
michelle.devlin@preppg.com