The Crabtree Valley Mall has brought on a national firm to manage the retail center after ending its longtime contract with the previous managers earlier this year.
On Tuesday, California-based Pacific Retail Capital Partners announced it has been hired to operate the mall – which is currently closed due to the pandemic. The company specializes in managing retail properties around the country.
“Amidst this unprecedented time when shopping centers across the country are closed due to Covid-19, we are adapting, leading the charge to keep our shopping centers on target to achieve success upon reopening. We are well prepared to serve as a resource for Crabtree Valley Mall tenants and the local community,” says Najla Kayyem, senior vice president of marketing for Pacific Retail Capital Partners. “We are thrilled to bring our deep expertise to the Raleigh market to further the successful history that Crabtree Valley Mall has seen.”
The mall, normally bustling on weekends, was nearly empty March 21 as most businesses were closed due to efforts toward social distancing amid the the coronavirus pandemic.
Inside the mostly empty Crabtree Valley Mall in Raleigh as retailers close due to the coronavirus pandemic.
Pacific Retail Capital is a California-based real estate investments, development and property management firm specializing in retail centers and enclosed shopping malls in and around growing urban centers. It manages malls in New York, outside Chicago, Los Angeles and San Jose, California.
The company says it currently has $2 billion in retail assets under management.
At the Crabtree Valley Mall, the company will manage 1,343,109 square feet across two stories, and work with the property’s nearly 200 tenants.
“We look forward to building relationships with each tenant and to share our post-Covid-19 plan to upgrade the shopping experience and activations,” said Gary Karl, chief operating officer of Pacific Retail Capital Partners. “As part of our plan, we have engaged The Maley Co., a national leader in retail leasing, to join the team and lead leasing efforts for Crabtree Valley Mall. We will apply our experience and will work with our leasing partner to improve on the property’s retail and restaurant mix to ensure the center best serves the local market.”
Retailers and big department stores have been hit hard by the economic fallout from the pandemic as stores have been forced to close amid stay-at-home orders.
The announcement of new management comes after the mall ended its nearly 50-year partnership with Plaza Associates in February, which resulted in Plaza Associates laying off around 100 workers.
Last year, the mall unveiled redevelopment plans to build a 30-story mixed-use tower at the site of the former Sears building.
Original Story HERE