PMAT Companies Buys Rollins Crossing Shopping Center
New Orleans developer PMAT Companies purchases Rollins Crossing Shopping Center and plans renovations to attract new retailers to Round Lake Beach.
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PMAT Companies closed on the Rollins Crossing Shopping Center in Round Lake Beach in mid-March, acquiring out-lot parcels occupied by Harbor Freight and Jersey Mike's, plus vacant land between Regal Theaters and L.A. Fitness. The company did not purchase the former K-Mart building, which remains subject to village litigation.
PMAT plans to renovate parking lots, upgrade storefronts and lighting, and develop the vacant parcels. Kevin Kush, PMAT president, cited the village's population density and purchasing power.
The New Orleans-based firm has invested in more than 2 million square feet of suburban Chicago real estate over the past decade. PMAT, founded in 2003 by Kush and CEO Bob Whelan, has completed over 100 transactions worth more than $1.5 billion across 15 states, focusing on grocery-anchored shopping centers with relationships including Burlington Coat Factory, Dick's Sporting Goods, and Best Buy.
Round Lake Beach village officials will begin development meetings with PMAT in April.
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