US real estate group PlaceMKR has acquired a five-property, multi-state net-leased retail portfolio from Goldman Sachs-owned LCN Capital Partners for $31.9m (€28m).
The 534,000sqft portfolio, brokered by Northmarq, is fully let on long-term triple-net leases to home decor retailer At Home.
The transaction marks PlaceMKR’s first expansion outside Texas, adding assets in Mississippi and Ohio alongside existing Texas locations.
Chris Cortese, co-founder of PlaceMKR, said: “In today’s big-box real estate market, the high cost of new construction has created a significant gap between replacement cost and acquisition basis.
“We acquired these five high-quality, income-producing properties for less than one-third of what it would cost to build similar assets today. Paired with long-term triple net leases, strong locations and additional development potential within each location, we believe the portfolio represents a significant investment opportunity for PlaceMKR.”
Jesse Weber, co-founder of PlaceMKR, said: “The upside of this portfolio extends beyond the existing At Home locations. We see opportunities to create additional value through selling or leasing the outparcels for retail, restaurant and other commercial uses, particularly given the strong growth and demand in the surrounding markets, including the greater Dallas, San Antonio and McAllen metropolitans.
“We have a proven track record of enhancing the value of our properties and look forward to replicating this strategy with this acquisition.”
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