PMAT Companies Expands Portfolio with Acquisition of Shops of Romeoville

On December 2023, PMAT Companies expanded its portfolio by acquiring the Shops of Romeoville, a significant Select Open Air Retail (SOAR) center located in a suburb of Chicago, Illinois. This 82,660-square-foot shopping center features key tenants including TJ Maxx, Petco, and Discovery Clothing. The Shops of Romeoville benefit from its proximity to a robust employment market supported by three local colleges and a student population of over 10,000.

The property not only enjoys a strategic location near a market-dominant intersection but is also close to major retailers like Walmart and Aldi. Additionally, its vicinity to the Ovation Center, a hub that delivers over 125,000 square feet of various services, enhances its community value. At the acquisition time, the property was 65% occupied due to its previous ownership and management issues.

Under PMAT’s stewardship, efforts to stabilize the property through strategic leasing and tenant incentives have already shown progress. A new deal with Ross Dress for Less and the renewal of key leases underscore the firm's commitment to revitalizing this property. PMAT also collaborates with local entities to ensure tenant mix optimization and long-term leasing commitments.