Pacific Retail Capital Partners (“PRCP” or the “Company”), one of the nation’s leading retail real estate development, investment, management and advisory firms focused exclusively on evolving retail-led real estate, today announced its entry into New Jersey with the acquisition of Bridgewater Commons, a 1.2 million square foot mall located in Bridgewater, New Jersey. The acquisition includes The Village at Bridgewater Commons, a unique 94,000 square foot open air shopping district adjacent to Bridgewater Commons.
Per the terms of the transaction, PRCP assumed Bridgewater Commons’ existing loan and secured an extension that will provide the Company with sufficient time to execute its plan to transform the mall into a vibrant mixed-use destination. As with its other projects, PRCP is committed to working closely with local officials and community members in order to help revitalize Bridgewater Commons and create a destination that will continue to be an anchor for the market for years to come.
“The acquisition of Bridgewater Commons represents another important step in our ongoing efforts to acquire well located, quality retail centers in fundamentally strong markets that will enable us to thoughtfully evolve them into market-leading mixed-use assets,” said Steve Plenge, Chief Executive Officer of PRCP. “While we will continue to pursue strategic joint ventures and other partnership structures to execute our long-term strategy, we will also seek to own more properties outright, such as Bridgewater Commons, providing us with even greater optionality when it comes to repositioning and monetizing assets.”
PRCP has significant expertise in repositioning large format retail-led properties into high-performing, multi-use assets. Through its vertically-integrated platform, the Company maintains full control over its master-planned projects. By creating an initial vision for a project and developing a strategy around that vision, PRCP is able to implement a concept design that is relevant and complementary to the community. The Company commits to working closely with various stakeholders throughout the process in order to secure necessary approvals in a timely and cost-efficient manner.
PRCP’s redevelopment strategy is centered on delivering high-quality real estate for the next generation. The Company is currently redeveloping The Galleria at White Plains in White Plains, N.Y. in partnership with Cappelli Organization and SL Green. At Yorktown Center in Lombard, Ill., PRCP acquired the former Carson’s anchor box and is transforming it into an exciting mixed-use destination by adding over 600 multifamily units and a park. In addition, the Company is repositioning Shops at South Town in Sandy, Utah into a leading live, work and play environment by building more than 1,000 multifamily units and adding an office and hotel component with additional unique restaurant and retail concepts. PRCP is also serving as development advisor on Memorial City, a proposed 27-acre, urban infill development in Houston.
Situated along the I-287 corridor, Bridgewater Commons is one of Northern New Jersey’s premier shopping destinations. The property, which is celebrating its 35th anniversary this year, is located in a suburb in proximity to New York City and is home to a number of category-leading retailers and restaurants, including Bloomingdale’s, Macy’s, Apple, J. Crew, lululemon athletica, Williams-Sonoma, The Cheesecake Factory and AMC Dine-In Theatres, LOFT, Maggiano’s Little Italy, Shake Shack and Starbucks.
“This transaction is a perfect example of how we are able to use our industry relationships and expertise to identify investment opportunities that we are uniquely positioned to execute on,” commented Oscar Parra, Chief Financial Officer of PRCP. “The way we were able to structure this transaction together with Bridgewater Commons’ existing cash flow provides us with the time and resources required to deliver a well-conceived master plan.”
As one of the few organizations with a track record of successfully repositioning underperforming retail properties, PRCP is actively engaging with asset owners, lenders, bondholders and special servicers to identify additional acquisition and partnership opportunities that meet its strict investment criteria. The Company continues to expand its footprint across the country, operating from coast-to-coast and in Hawaii.Source: businesswire