Green Firs Towne Center

3800-3902 Bridgeport Way West | University Place, Wa In 1982, PMF bought an industrial warehouse in Columbus, Ohio with an equity investment of approximately $250,000. In 1997 PMF sold and exchanged its equity of $3,550,000 into a Safeway anchored shopping center known as the Green Firs Shopping Center. PMF purchased Green Firs for approximately $7,500,000 which included a small retail/office building on a separate parcel in the back of the shopping center. PMF secured a $4,000,000 loan that encumbered everything with the exception of the back parcel.<

During the first year of ownership, PMF made several significant moves to the shopping center to improve its cash flow. First, it divided the one large vacancy and signed a lease with Big Lots and a 15 year lease with Ace Hardware at above proforma rents. This was done with minimal expense to PMF. Second, the basis in the property was lowered by selling the separate back parcel for $400,000. Third, several smaller tenants were replaced with national and regional tenants at significantly higher rents. Fourth, PMF wrote a new 20 year lease with McDonalds at an increased rent. Lastly, a binding site plan was completed that divided the property into five separate legal parcels. PMF was able to improve the initial annual cash return to over 23%.

In 2002, PMF sold off a pad (Shari’s restaurant) for $1,475,000. PMF then exchanged those funds for 50% interest in 3 apartment complexes totaling approximately 180 units.

In 2004, Ace Hardware was replaced with Trader Joes giving PMF a dual grocery anchored shopping center.

In 2010, the previously sold Shari’s pad was repurchased for approximately $700,000. PMF built a multi-tenant building including a Starbucks drive-thru and Verizon and higher than proforma rents. After completion the building was valued at approximately $4.2 million.

In 2015, PMF reached an agreement to sell the property for over $36,000,000. PMF’s subsidiary, PMF Real Estate Services LLC, continues to manage and lease the Shopping Center for the new ownership group.