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 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.