PlaceMKR Acquires Multi-State Retail Portfolio Under Long-Term Triple Net Lease

Our first expansion outside of Texas

We've acquired a five-property, multi-state retail portfolio anchored by At Home furnishing stores for $31.85 million. The portfolio totals 535,872 square feet across more than 46 acres in Texas, Mississippi and Ohio. All five properties are single-tenant and operate under long-term triple net leases with contractual rent growth. We purchased the portfolio from LCN Capital Partners, and Bryn Feller and Josh Dicker of Northmarq's Chicago Investment Sales team represented the seller.

This acquisition also marks a milestone for us. Since 2018, we've built our portfolio across Austin, Dallas, San Antonio and Houston. With properties in Gulfport, Mississippi and Toledo, Ohio, we're now operating outside Texas for the first time. The strategy doesn't change when we cross a state line. We buy on basis, stay flexible on asset type, and look for value others overlook.

A Market Where Building Costs More Than Buying

The math behind this deal starts with supply. New retail construction has slowed to a crawl. US retail construction completions fell to 4.7 million square feet in Q1 2026, the lowest quarterly delivery volume in two decades, according to CBRE. For context, that's down sharply from the sector's modern peak of more than 25 million square feet in Q4 2015.

The reasons aren't hard to find. CBRE expects new construction to stay limited due to financing constraints, high costs and little land availability. Meanwhile, existing space is tight. The national retail availability rate held at 4.9% in Q2 2026, and CBRE expects it to keep declining as new construction remains constrained.

That creates a real gap between replacement cost and acquisition basis. We acquired these five income-producing properties for less than one-third of what it would cost to build comparable assets today. When building new doesn't pencil, well-located existing boxes become more valuable, not less.

Why At Home

Based in the Dallas area, At Home is a national home décor retailer running large-format stores that carry furniture, décor, housewares, lighting, rugs and seasonal goods. The company filed for Chapter 11 in June 2025 and emerged that October with nearly all of its roughly $2 billion in funded debt eliminated, $500 million in new exit financing and new ownership. Today it operates 229 stores across 39 states.

We acquired this portfolio post-bankruptcy, backed by a tenant with a much stronger balance sheet than it had going in. The five locations are strong performers with healthy sales volumes, each in a high-traffic retail corridor. We didn't buy a turnaround story. We bought stores that already work.

The lease structure matters too. Under a triple net lease, the tenant generally covers property taxes, insurance and maintenance on top of rent, which keeps property-level operating obligations light on the ownership side.

The Upside Is in the Dirt

The existing leases provide the income. The outparcels are where things get interesting. Every site includes land we can sell or lease for restaurant, retail and other commercial uses.

Three of the five properties sit in Texas markets we know well, and the growth there speaks for itself. Dallas-Fort Worth has grown roughly 11% since 2020, outpacing every other top five metro, and added 123,557 residents over the past year alone, about 339 people per day. Down the I-35 corridor, Comal County, home to New Braunfels, grew from 161,501 residents in the 2020 census to an estimated 209,166 in 2025.

That kind of growth brings demand for well-located pad sites. We've added value through creative land strategies across our portfolio before, and we plan to do it again here.

The Properties

1600 W. Kelly Ave., Pharr, Texas | 107,394 SF
Located in the Rio Grande Valley near one of the busiest international trade corridors in the country. The site draws from a large and growing population base in the greater McAllen market.

642 S. Walnut Ave., New Braunfels, Texas | 90,268 SF
Positioned on the I-35 corridor between San Antonio and Austin, in one of the fastest-growing communities in Texas. New residents, retailers and employers keep coming.

2650 W. Interstate 20, Grand Prairie, Texas | 109,794 SF
Right in the center of Dallas-Fort Worth, with easy access to a massive consumer base and a strong employment hub.

15065 Creosote Road, Gulfport, Mississippi | 115,345 SF
Located on Mississippi's Gulf Coast, a market supported by tourism, maritime commerce and military activity, with strong connectivity via Interstate 10.

2244 S. Reynolds Road, Toledo, Ohio | 113,071 SF
Serves a mature Midwest market with access to major Great Lakes transportation routes and a large regional workforce.

Multiple Paths to Value

This portfolio gives us several ways to win: long-term rental income with built-in rent growth, outparcel development at every site, and the underlying value of large-format retail real estate bought well below replacement cost. It also rounds out a broader portfolio that spans industrial, industrial outdoor storage, data center, office and retail assets, along with ground-up developments and more projects in the pipeline.

In the News

The deal got some attention. Here's where you can read more:

Texas Border Business

Yahoo Finance

Shopping Center Business

CRE Market Beat

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