PlaceMKR Pays $31.85M for Five At Home Triple-Net Stores

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.