PREP Property Group Acquires Tires Plus Outparcel in Plainfield, Indiana

Tires Plus - Plainfield, Indiana (Photo: Business Wire)

PARK CITY, Utah--()--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

Contacts

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