Pacific Retail Capital Partners Nabs 2.8 MSF Portfolio
- Sep 21, 2016
By Keith Loria, Contributing Editor
Los Angeles—Pacific Retail Capital Partners has acquired a portfolio of three regional malls totaling approximately 2.8 million square feet, in a joint venture with an investment partner. The venture was represented by Orrick in the transaction.
The properties consist of The Galleria at White Plains in N.Y.; Northpark Mall, in Ridgeland, Miss.; and The Esplanade in Kenner, La. Combined, the properties’ value is in excess of $200 million.
“These are all well-located regional malls that we identified as centers that will benefit from our focused management and community-specific programs,” Steve Plenge, Pacific Retail Capital Partners managing principal, told Commercial Property Executive. “Each asset will have a plan that is tailored to enhance the property building on its strengths and identifying the opportunities to improve performance, whether its from a new leasing plan, physical upgrades or development on the property.”
The Galleria at White Plains is a four-level, approximately 870,000-square-foot enclosed regional mall located at 100 Main St. The center is currently home to 130 retailers, including Macy’s, Sears, H&M, Forever 21 and a host of eateries.
Northpark Mall is a two-level, approximately 958,000-square-foot mall situated on almost 100 acres at 1200 E. County Line Road. It is home to 120 retailers and eateries, such as Dillard’s, Belk, H&M, Victoria’s Secret, Footlocker and Sephora.
Located at 1401 W. Esplanade Ave. in Kenner, La., The Esplanade sits on 80 acres just five minutes from the New Orleans International Airport and just 15 minutes from downtown New Orleans. The mall comprises more than one million square feet.
“Pacific Retail brings its broad experience in retail as an operating partner,” Plenge said. “We find that there is untapped potential in many B and B+ malls. These centers still provide a valuable resource in the community and with proper care can once again be an appealing gathering spot.”
According to Plenge, the company will perform a comprehensive review of every aspect of the center, from the physical space to the tenant array and entertainment options.
“Our team creates and implements a plan that will improve the center in a way that aligns with what is valued in that specific community,” he said. “This approach has proven to be successful in reviving struggling centers across the country.”