PARK CITY, Utah–(BUSINESS WIRE)–#RETAILTRANSFORMED–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 recent acquisition of Aurora City Place located in Aurora, Colorado. The center is the latest property to be added to the PREP Strategic Investments portfolio.
The 356,305 square-foot regional shopping center is located just 11-miles east of downtown Denver at the dominant intersection of I-225 and E. Alameda Avenue. The mixed-use development features Target (NAP), Ross Dress for Less, Michaels, PetSmart, Party City, Conn’s, Barnes & Noble among several other national and regional tenants.
“PREP is pleased to announce the acquisition of Aurora City Place. Located in one of the fastest growing MSA’s, Aurora City Place offers a premier regional shopping destination for the Denver/Metro area,” said Roy Williams, PREP Chief Investment Officer. “PREP’s mission is to be the industry leader in transforming retail real estate assets and the acquisition of Aurora City Place will be a great addition to our growing Strategic Investment portfolio.”
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 five additional projects that include Hanover Crossing in Hanover, Massachusetts, Posner Commons in Davenport, Florida, Shadow Lake Towne Center in Papillion, Nebraska, Hillside Village in Cedar Hill, Texas and Kenwood Collection in Cincinnati, 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.
To learn more about PREP Property Group and for leasing opportunities, please visit our website at www.preppg.com.
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.