PREP Property Group Acquires Posner Commons in Davenport, Florida
December 3, 2018
PARK CITY, Utah–(BUSINESS WIRE)–#RETAILTRANSFORMED–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 Posner Commons in
Davenport, Florida. The center is the latest project to be added to the
PREP Strategic Investments portfolio.
The 460,565 square-foot regional shopping center is located Southwest of
Orlando, Florida, directly at the regional interchange of I-4 and U.S.
Highway 27, just 7-miles south of Disney World’s main entrance.
Originally built in 2008, the property features Dick’s Sporting Goods,
Ross Dress for Less, Michaels, PetSmart, JCPenney, Best Buy and
Cinepolis Theatre among other national and regional tenants.
“Located in one of the top 50 MSA’s, Posner Commons will be a great
addition to our growing portfolio,” said Michael C. Phillips, PREP
President and Chief Executive Officer. “With over 72 million annual
visitors and the continued population growth, this dominant regional
shopping center will allow us to enhance the customer’s shopping
experience and provide a great retail experience for years to come.”
With a legacy of transforming retail properties, PREP has the expertise
and experience to optimize retail property value. The Company identifies
prime locations with development, leasing or redevelopment opportunities
through a focused investment strategy. The Strategic Investments
portfolio currently has four additional active projects. The projects
include Hanover Crossing in Hanover, Massachusetts, Kenwood Collection
in Cincinnati, Ohio, The Shoppes at Parma in Parma, Ohio and Shadow Lake
Towne Center in Papillion, Nebraska.
In addition to the Strategic Investments portfolio, PREP has a Net Lease
Investments division which 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 creating
value in the assets and the portfolio.
PREP Property Group will be attending the ICSC New York Deal Making show
in New York City on December 5th and 6th. Stop by
the Javits Center, Booth #2641, to meet our team and to learn more about
our company. #retailtransformed
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
MEDIA
Michelle Devlin
513-824-7135
michelle.devlin@preppg.com