Pacific Retail Capital Partners (PRCP) manages approximately $2 billion in retail assets with a keen focus on strategically enhancing the value and quality of its growing portfolio, which currently stands at over 11 million square feet of regional, open-air lifestyle and mixed-use centres. The key strength of the company is in identifying assets that have strong potential to transform into high-performing properties and it has a proven track record of repositioning retail properties to improve the value for investors and partners.
In the past 12 months, the executive team has leveraged their decades of collective experience with key national shopping centre owners to enable a continuous flow of transaction opportunities, many of which were off-market. The end result of this was a well-rounded and direct pipeline of potential acquisitions. This year alone, PRCP were delighted to welcome The Shops at Montebello and Southgate Market to its ever-expanding portfolio.
Some of the unique destinations that PRCP have worked on recently include the 958,000sq ft Northpark property, where extensive renovations have revamped the property into the place to shop in Ridgeland, Mississippi. The reimagined centre now includes a large-scale digital media screen, state-of-the-art interactive gaming wall, new Children’s Discovery Park and an all-new family lounge to go alongside its 120 retailers and spacious café style Eatery that offers a wide range of dining. Further renovation projects included the Eastridge Center which now embraces the best of San Jose with a children’s PLAY area, top-of-the-line family areas, spacious eating areas, grassy lawns with games and charging stations and an outstanding community calendar of uniquely local programs and events.
In terms of new acquisitions, the newly acquired The Shops at Montebello is a modern indoor regional shopping centre conveniently located east of downtown Los Angeles. Featuring more than 160 specialty retailers and a wide range of shopping and dining, the modernised location provides a premier shopping experience and community activation for guests of all ages.
‘In the coming months we look forward to completing the redevelopment of Paseo Nuevo with common-area gathering spots, a reimagined Center Court, upgraded lighting, landscaping and flooring plus the addition of water and fire features,” says Plenge. Always on the lookout for growth into new properties, the company looks for real estate that has a particular reason for existing, has opportunities for growth and for places where they can apply their active management and strategic planning efforts. Investments in first-to-market, award-winning marketing activations alongside a continuous focus in setting a new standard for well-designed spaces, digitally-integrated retail and amenities that add playfulness and convenience to the consumer experience have all been key in setting PRCP apart’ Plenge explains.