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PECO Real Estate, Almanac Realty form retail real estate company

PECO Real Estate Partners teamed up with Almanac Realty Investors LLC to establish PREP Property Group, which will focus on the retail real estate sector.

As part of a strategic partnership with PECO, the newly formed vertically integrated company received an investment commitment of up to $300.0 million from Almanac. PREP will use the capital to expand its strategic and net-lease investment units, according to a release.

Park City, Utah-based PREP is headed by Michael Phillips as president and CEO, and Sara Brennan as COO. It will concentrate on acquiring, repositioning and managing power centers, lifestyle facilities, enclosed malls, mixed-use retail and single-tenant development projects.

PECO was spun off from Phillips Edison & Co. Ltd. in May 2015.