Almanac Realty commits $300m to venture with PECO Real Estate Partners
PECO Real Estate Partners and Almanac Realty Investors have formed PREP Property Group (PREP), a retail-focused real estate company. Almanac has committed to invest up to $300 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 retailer relationships and a highly experienced team of acquisitions, leasing, management and development experts. PREP is led by president and CEO
Michael Phillips, COO Sara Brennan, and a seasoned management team.
“We are excited to partner with Almanac, who has a proven track record of investing in experienced real estate platforms,” said Phillips.
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