PARK CITY, Utah--(BUSINESS WIRE)--PECO Real Estate Partners and Almanac Realty Investors, LLC (“Almanac”) announce the formation of PREP Property Group (“PREP”), 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.”
About PECO Real Estate Partners
PREP has incorporated Phillips Edison & Company's former development and strategic retail divisions and will focus on the acquisition, repositioning and management of power and lifestyle centers, enclosed malls, mixed use retail projects and single tenant developments. PREP is a fully integrated real estate operating and asset management company. The company has expertise in every discipline of retail shopping center operation and management. Through the execution of a focused investment strategy, PREP identifies optimal target locations and leverages its management team's long-standing relationships with brokers, property owners and retail tenants, to identify and capitalize on development and redevelopment opportunities. For more information about PREP, visit our new website at www.pecorep.com.
About Almanac Realty Investors, LLC
Almanac Realty Investors, LLC is a leading provider of growth capital to public and private real estate companies. From the time of its founding in 1981, originally under the name Rothschild Realty, the group has raised $4.8 billion related to a wide array of real estate opportunities. Since 1996, Almanac’s primary investment activity has consisted of making private placements into private and public real estate operating companies. To date, Almanac has committed/invested up to approximately $4.4 billion into more than 39 companies in North America. For more information, please visit our website at www.almanacrealty.com.