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 Shadow Lake Towne Center in Nebraska. The center is the latest project to be added to the PREP Strategic Investments portfolio.
The 654,666 square-foot regional shopping center is located at the southwest corner of 72nd Street and Highway 370 in the Omaha suburb of Papillion, Nebraska, approximately ten miles from downtown Omaha. Originally built in 2007, the property features Dick’s Sporting Goods, JCPenney, ULTA, Bed Bath & Beyond, Best Buy, PetSmart, Old Navy and other national and regional tenants.
“We are excited to add this regionally dominant shopping center to our Strategic Investments portfolio,” said Michael C. Phillips, PREP President and Chief Executive Officer. “Shadow Lake Towne Center is a great project that will allow our experienced real estate team to focus on creating additional value, while enhancing the retail experience to accommodate the growing population of Omaha and the surrounding neighborhoods.”
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 Investment portfolio currently has three additional active projects. The projects include Hanover Crossing in Hanover, Massachusetts, Kenwood Collection in Cincinnati, Ohio and The Shoppes at Parma in Parma, Ohio.
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.
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.