PREP Property acquires Tires Plus outparcel in Plainfield
Real estate industry news : US real estate company PREP Property Group has acquired a Tires Plus outparcel in Plainfield, Indiana for an undisclosed price.
The acquired 6,832ft2 Tires Plus outparcel, located on just under one acre directly off Indiana US-40, is the latest project to come under the PREP Net Lease division portfolio.
Tires Plus is owned by Bridgestone, a global auto parts manufacturer, which was established in 1931 in Japan.
As of 2017, Bridgestone was the largest manufacturer of tires in the world, boasting of 141 production facilities across 24 countries.
Bridgestone purchased the Firestone Tire and Rubber Company in 1988 and became the majority owner of Morgan Tire & Auto in 2013. Tires Plus has been a subsidiary of Morgan Tire & Auto since it was bought in July 2000. Currently, Bridgestone is the largest retailer of tires in North America with nearly 2,200 stores.
Michael C. Phillips – PREP President and CEO said: “It is an exciting time for PREP as we continue to grow our Net Lease portfolio.
“Located just west of Indianapolis, a major metropolitan market, Tires Plus is a national brand that exemplifies what PREP is looking for in our acquisitions.”
PREP Property Group says that it has the know-how and experience to optimize property value of retail assets. The Net Lease Investments division of the US real estate company purchases well-located, single-tenant net leased retail properties across the country.
The Net Lease team looks to snap up a diverse mix of tenant credit, uses, and geographies. Its focus is to identify sites having solid real estate fundamentals and boost the leases, terms or creditworthiness to establish value in the assets and the portfolio.
Apart from the Net Lease Investments division, PREP Property Group has a Strategic Investment unit that works on identifying prime retail locations with development, leasing or redevelopment scope via a focused investment strategy.
Currently, the portfolio of the Strategic Investment division includes Hanover Crossing in Hanover, Massachusetts, The Shoppes at Parma in Parma, Ohio, Kenwood Collection in Cincinnati, Ohio and Shadow Lake Towne Center in Papillion, Nebraska.