PREP Exchange, a Dedicated 1031 Exchange Platform Offering Fractional Ownership in Institutional-Quality Real Estate via Delaware Statutory Trusts (DSTs), launches first debt-free offering

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Mar 23, 2026, 14:49 ET

PARK CITY, Utah, March 23, 2026 /PRNewswire/ -- PREP Exchange, an affiliate of PREP Property Group, LLC (PREP), a leading national owner and operator of retail real estate, today announced its first fractional Delaware Statutory Trust (DST) investment, PREP Essential Net Lease I DST, an all-cash, single-property absolute net lease offering.

The DST acquired the Shaw's Supermarket property located at 160 Paine Turnpike North, Berlin, Vermont 05602 (the "Property"), a necessity-based retail asset built in 1996 and continuously leased by Shaw's Supermarkets, Inc. since March 1997. The Property consists of approximately 35.75 acres of land and a two-unit building with approximately 89,702 rentable square feet of retail space occupied by Shaw's and its subtenant O'Reilly Auto Parts.

Shaw's Supermarkets was founded in 1860 in Portland, Maine and is one of the oldest continuously operated supermarkets in the United States. Shaw's' Supermarkets, is the #1 grocer in the state of Vermont by both total store count as well as sales volume and the third largest grocer in New England by total store count. Shaw's Supermarkets is a subsidiary of grocery giant Albertsons Companies, Inc.

"We originally purchased this property in July of 2022 for a prior PREP-sponsored offering and have watched the tenant commit to this location with multiple capital improvements, a 15-year lease extension in December of 2024, and the recent addition of O'Reilly's as a sub-tenant," said Sara Brennan, Chief Operating Officer of PREP. "Shaw's Supermarket Berlin is an excellent candidate for PREP Exchange's first 1031-qualified offering."

For more information about PREP Exchange, contact:

PREP Exchange LLC
833-OWN-PREP (7737)
[email protected]

About PREP Property Group

PREP Property Group is a vertically integrated real estate company founded by Michael C. Phillips, co-founder of Phillips Edison & Company, and built on the foundations of Phillips Edison's strategic and net lease real estate divisions that were spun out in 2015. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved, poorly merchandised and or distressed. PREP's Net Lease division seeks to acquire well-located, single tenant net leased retail properties from non-institutional sellers throughout the United States. The team aims to acquire a diverse mix of tenant credit, uses, and geographies including auto parts, convenience stores, pharmacies, casual dining, quick service restaurants, banks, dollar stores, and medical uses in active retail markets. PREP's investors benefit from its fully integrated operating platform for acquisitions, dispositions, development, redevelopment, leasing and property management. The focus of PREP's Net Lease division is to identify sites with strong real estate fundamentals and improve the leases, terms or creditworthiness creating value in the assets and the portfolio. For more information, please visit www.preppg.com.