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Almanac Realty commits $300m to venture with PECO Real Estate Partners

by Jody Barhanovich

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

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