Retail Chapter 11: PlaceMKR Acquires $31.9M Portfolio of At Home Stores

By RadCRE Research · 2026-09-26 · Market Updates

Austin-based PlaceMKR recently acquired a $31.9 million retail portfolio, comprising five properties leased by At Home, a retailer that filed for Chapter 11 bankruptcy in June 2025 [1].

Retail Sector Sees Activity Post-Bankruptcy Restructuring

The commercial real estate market continues to observe the effects of previous retail bankruptcies, with recent transaction activity highlighting the restructuring and subsequent asset repositioning within the sector. Austin-based real estate and development firm PlaceMKR completed a notable acquisition, purchasing five retail properties for $31.9 million [1]. This transaction marks PlaceMKR's first expansion beyond its traditional Texas market, with the acquired properties located across Texas, Mississippi, and Ohio [1].

A significant aspect of this acquisition is the tenant profile. All five properties are leased by At Home, a Texas-based home furnishings retailer [1]. At Home previously filed for Chapter 11 bankruptcy in June 2025, from which it subsequently emerged [1]. This deal underscores how properties associated with retailers that have undergone Chapter 11 restructuring can become targets for strategic acquisitions, presenting opportunities for firms like PlaceMKR to expand their portfolios and geographic reach [1].

The acquisition price of $31.9 million for five retail properties suggests a specific valuation strategy in a market where retail assets, particularly those with a history of tenant bankruptcy, may be subject to careful analysis. Such deals often reflect a nuanced understanding of the tenant's post-reorganization stability and the long-term lease covenants in place [1]. The expansion of PlaceMKR into new states like Mississippi and Ohio with this acquisition also signals a broader outlook for growth beyond regional confines, potentially driven by attractive asset pricing or strategic tenant relationships [1].

While the broader market remains dynamic, with various factors influencing commercial real estate investment, this specific transaction provides a tangible example of capital deployment into a segment of the retail sector that has navigated a significant financial restructuring event. The successful emergence of At Home from Chapter 11 bankruptcy in June 2025 appears to have paved the way for such investment, demonstrating a path from financial distress to renewed market confidence in certain retail segments [1].

RadCRE Perspective

“The PlaceMKR acquisition of At Home-leased properties is a textbook example of how to uncover value in a market still dealing with the fallout of tenant bankruptcies. When a retailer like At Home successfully emerges from Chapter 11, the underlying real estate, if well-located and with favorable lease terms, can become a highly attractive, stabilized asset. Our analysis at RadCRE consistently points to opportunities in these 'post-restructuring' situations, especially when the tenant shows signs of renewed operational health. It's not just about the brick-and-mortar; it's about underwriting the creditworthiness of the reorganized tenant and the long-term viability of the physical location. This $31.9 million deal, expanding beyond Texas, illustrates a sophisticated value-add play, capitalizing on assets that may have been overlooked during a period of uncertainty but now offer strong fundamentals.”

Majid Radaei, Founder & Principal Broker, RAD Commercial Realty

Tags: retail real estate, Chapter 11 bankruptcy, commercial real estate acquisition, PlaceMKR, At Home stores