Pacific Retail Capital Partners Steps in as Private Equity Real Estate Operator with Plans to Improve Kansas City Regional Shopping Center
INDEPENDENCE, Mo. – (February 16, 2018) – Pacific Retail Capital Partners announced today that it will step in as the operator of Independence Center, a regional shopping center outside of Kansas City, Mo., with immediate plans to reinvest in the community of Independence by reinvigorating the center.
Boasting more than one million square feet of retail space and 12 million annual visitors, Independence Center has been one of the largest regional shopping centers serving the local community since opening in 1974, but in recent years has struggled. The center is anchored by Dillard’s, Macy’s, Sears and Dicks Sporting Goods and features an H&M clothing store that was added last year, plus another 120 stores – from national chains to local mom-and-pop shops. Independence Center is also the only fully enclosed shopping center in the Kansas City Metro area.
“We plan to reinvigorate Independence Center,” said Najla Kayyem, senior vice president of marketing for Pacific Retail Capital Partners. “We have a reputation for improving assets and creating a unique strategic vision for each property we manage. We plan to bring back community engagement events and focus on leasing and localization to increase occupancy and attract the best mix of tenants to the space.
With a deep knowledge of retail real estate, Pacific Retail Capital Partners has proven expertise in identifying centers with strong fundamentals in well-performing markets and transforming them into higher quality assets through active management. The company targets regional centers in or near major metropolitan regions, with a specific focus on regional malls and open-air lifestyle centers that have lost touch with the surrounding community.
“The current tenants of Independence Center can rest assured that we are committed to the success of this property,” said Gary Karl, chief operating officer of Pacific Retail Capital Partners. “We will apply our experience and will work with our leasing partners, to improve on the property’s retail and restaurant mix to ensure the center best serves the local market.”
First steps include hiring additional full-time staff, coordinating a robust event calendar with community partners and enhancing the specialty leasing program.