new overview

Overview

About MRP

MRP is a real estate investment firm focused on acquiring dominant retail shopping centers next to high performing Walmart Supercenters in secondary and tertiary markets across the United States.

Our thorough knowledge, experience, and due diligence in acquiring these properties allow MRP to invest in an undervalued asset type in markets overlooked by others. MRP’s properties provide our investors the opportunity to own real estate consisting of low rents, high sales, dominant positioning, and significant reserves to perform during both weak and strong economic environments.

2013

Acquired close to 100 single tenant Dollar Stores and sold a portfolio to a public REIT for a 29.65% IRR
2015

Founded Midwest Retail Properties and purchased the first Walmart Shadow Center
2016

Purchased $25 Million worth of Walmart Shadow Centers
2018

Hit over $100 Million portfolio value and over $25 Million AUM
2020

Currently have 13 full-time employees and are the most active Walmart Shadow landlord in the country

MRP Operations Overview

We have learned through experience that the only way to run the Walmart-Anchored Shadow Center asset class to its full potential is to bring all operations in house. Over the last 5 years, the team has created impressive efficiencies and worked hard to build departments that are capable of growing and supporting a large portfolio.

Today, MRP consists of teams that handle every aspect of managing these assets: sales & leasing, acquisitions, accounting, asset management and property & construction management.

Sales & Leasing

Acquisitions & Dispositions

Accounting & Finance

Asset Management

Property Management

Construction Management

MRP Current Portfolio

MRP has an existing Portfolio of Walmart Shadow Centers that consists of 27 properties in 15 states. Our current Portfolio showcases or experience an success with the asset class.

807,795

Leasable Square Feet

27

Walmart Shadow Centers

~$100M

Portfolio

MRP Full-Cycle Track Record

Net Leased Investment

From 2010-2014, MRP built a portfolio of over $37 million worth of single tenant and net lease retail properties in thediscount dollar store space. This strategy produced an average internal rate of return of 18.07% against projections of primarily 7%-8%.

35

Number of Realized Deals

$37M

Total Acquisition Value

$8.14M

Invested Capital

18.07%

Average Realized IRR

1.7

Average Realized Multiple

Walmart Shadow Centers

MRP began purchasing Walmart anchored shadow centers in 2015. Under this strategy, we acquired a total of 29 properties, raising over $30 million in equity from investors, with a portfolio value of over $100 million. MRP has successfully exited four Walmart Shadow Centers.

These exits consisted of one stabilized, one core-plus, and two value-add properties. These returns help us to showcase our ability to execute on our strategy. In all, the Manager’s track record has always revolved around recession resistant retail in smaller markets nationally.

4

Number of Realized Deals

$21.5M

Total Acquisition Value

$5.61M

Invested Capital

52.13%

Average Realized IRR

2.54

Average Realized Multiple

Leadership

The principals of MRP have over 20 years of experience in the commercial real estate business and have been involved in more than $350 million worth of acquisitions in their careers combined.

They have found a niche asset class that has allowed them and their team to excel. In 2015, both McClary and Breck both recognized a niche asset class with untapped potential. Over the last 5 years, MRP, under the direction of McClary and Breck, has grown an existing portfolio of recession-resistant retail centers next to high performing Walmart Supercenters in secondary and tertiary markets across the United States.

Joe McClary

Joe McClary is a partner and founder at MRP and primarily oversees the growth of the company while assisting with acquisitions, dispositions, and fund-raising. Mr. McClary has over 11 years of experience buying, selling, and operating real estate investments. Joe started his career in single tenant investment sales, which led to the creation of Midwest Retail Properties. He has overseen $200 Million worth of transactions in his career. Outside of the office, Joe is an avid fisherman and outdoorsman and his true passion is his children.

Jordan Breck

Jordan Breck has been in the real estate investment business for over 6 years and is a partner at MRP. He is responsible for sourcing acquisitions, modeling investments, and oversees the company’s growth strategy. Jordan has been personally involved in over $150 Million worth of transactions. Jordan has been with the firm since graduating from Loyola University Chicago with a BBA in Finance.

View The Whole Team