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PlaceMKR Pays $31.85M for Five At Home Triple-Net Stores
Northmarq brokered the sale of a five-property, single-tenant At Home portfolio spanning Texas, Mississippi, and Ohio to an Austin private investment firm.
Key Takeaways
- Northmarq’s Chicago investment sales team closed a $31.85 million sale of five single-tenant, triple-net At Home stores totaling 535,872 square feet.
- The buyer was PlaceMKR, a private Austin-based investment firm; Northmarq represented the seller.
- The portfolio includes stores in Pharr, New Braunfels, and Grand Prairie, Texas; Gulfport, Mississippi; and Toledo, Ohio, and closed after Northmarq navigated a bankruptcy process during the engagement.
The Details
Northmarq announced that its Chicago Investment Sales team led by Bryn Feller and Josh Dicker brokered the $31.85 million sale of At Home Portfolio Tranche I. The portfolio comprises five single-tenant, triple-net lease properties totaling 535,872 square feet across Texas, Mississippi, and Ohio. Northmarq represented the seller; the buyer is PlaceMKR, a private Austin-based investment firm.
Property addresses listed by Northmarq are 1600 W. Kelly Ave. in Pharr, Texas (107,394 SF); 642 S. Walnut Ave. in New Braunfels, Texas (90,268 SF); 2650 W. Interstate 20 in Grand Prairie, Texas (109,794 SF); 15065 Creosote Rd. in Gulfport, Mississippi (115,345 SF); and 2244 S. Reynolds Rd. in Toledo, Ohio (113,071 SF). Feller said the team navigated a bankruptcy process during the engagement and still closed, citing asset quality and counterparty resilience. Northmarq describes At Home as operating more than 200 locations across 39 states.
Why It Matters
A private buyer taking down five large-format NNN boxes for about $32 million shows mid-market capital is still underwriting national soft-goods retail when the lease structure is triple-net and the geography is diversified. The bankruptcy-process overlay is a credit reminder: big-box net-lease pricing has to separate real estate and lease quality from tenant reorganization risk.
What's Next
Investors comparing large-format retail NNN should ask for remaining term, rent steps, and guarantor details that were not disclosed in the Northmarq release. Watch for additional At Home or similar home-décor tranches if the seller is still pruning through a credit event.
