Pacific Retail Capital Partners (“PRCP”), one of the nation’s leading real estate investment, management and advisory firms focused exclusively on evolving retail real estate, today provided a recap of its business activities in 2022.
DEVELOPMENT
Over the last 12 months, PRCP, together with its development partners, announced plans to redevelop The Galleria at White Plains in White Plains, N.Y., and the former Carson’s anchor box at Yorktown Center in Lombard, Ill., into dynamic mixed-use assets. These transformational projects advance PRCP’s mission to set the standard for the next generation of retail real estate while creating meaningful value for investors, partners and the communities where it does business.
The repositioning of The Galleria is slated to be one of the largest mall redevelopments in the U.S. PRCP is partnering with SL Green Realty Corp. and Cappelli Organization on the project. At Yorktown, PRCP and its partner, Synergy Construction, will reposition the shuttered Carson’s anchor box into a vibrant neighborhood-like environment that will incorporate multifamily elements and an approximately 2-acre green space.
PRCP was also selected by MetroNational to serve as development consultant on its Memorial City Project in Houston to repurpose the project’s mall space and add an outdoor village element. Memorial City Project is a proposed 27-acre, urban infill development to be comprised of a collection of unique boutiques and iconic brands, locally curated culinary collections, green space, and elevated health and wellness services. MetroNational is leveraging PRCP’s master-planning expertise and advisory services to help it move the project forward and secure necessary department store approvals and entitlements along the way.
The collective investment value of these transformational projects is expected to be in the billions, resulting in reimaged real estate that will add significant value to their local communities and the next generation.
ASSET MANAGEMENT & CAPITAL MARKETS ACTIVITY
PRCP was selected by one of the world's largest sovereign wealth funds to serve as asset manager for five of its major regional malls. Collectively, the properties comprise more than 7-million square feet and are located in the Western region of the country.
Furthermore, PRCP has made significant progress helping to restructure the debt and implement strategies to maximize the value on the seven regional malls it assumed control of in 2020 on behalf of Israeli shekel (ILS) bondholders. The parties selected PRCP because of the firm’s proven track record of enhancing the value of retail assets through active management, strategic capital improvements, award-winning marketing programs, local activations and community-focused leasing.
The company also successfully recapitalized a loan and welcomed new international investors into their joint ventures.
PERSONNEL & LEASING
PRCP continued adding highly experienced executives to its leadership team with the strategic hires of Donna Blair as Chief Operating Officer and Annmarie Plenge as Executive Vice President of Design. The company also added 54 new hires to its workforce and promoted 14 individuals, demonstrating its commitment to cultivate and recognize exceptional internal talent.
Blair rejoined PRCP following her time at Continuum Partners, a national leader in large-scale residential, mixed-use projects, and is responsible for overseeing its day-to-day operations with a focus on repurposing and repositioning projects. She previously served as Senior Vice President – Portfolio Management for PRCP from 2012-2016.
Plenge, former Principal at leading global architecture firm Gensler, leads PRCP’s recently formed Architectural Design Studio, and will be instrumental in spearheading the firm’s design strategies and master-planning efforts. Ian Kim and Ryan Min, who previously worked with Plenge in Gensler’s Los Angeles office, have also joined PRCP and work under Plenge.
The company also added Lemore Czeisler as Vice President of Development. Czeisler comes to PRCP following her successes at Concord Wilshire Companies, a leader in residential, resort and mixed-use real estate.
On the leasing front, PRCP had a highly successful year in 2022, closing 276 new deals spanning local, regional, and national retailers. The leasing team collectively filled more than 2.5 million square feet of space throughout PRCP’s portfolio.
MARKETING
PRCP’s marketing division achieved numerous successes on the events and programming front. PRCP once again hosted its trademarked Taste for the Space (“T4TS”) competition at Parkway Plaza in El Cajon, California and Belden Village in Canton, Ohio. T4TS involves local culinary professionals competing for a chance to win a dedicated space at one of PRCP’s properties. This signature event is intended to allow PRCP to strengthen its local leasing pipeline by forming relationships with in-demand restaurateurs. What’s more, the events raised over $8,000 to support local non-profit organizations in their respective markets that are dedicated to making positive impacts on the communities they serve.
The marketing team further strengthened the impact of its digital footprint and influence, substantially increasing traffic to its property websites, growing its social media following by more than 75,000 people, adding 33,000 new email subscribers, up 3.5 percent from 2021, and getting more than 189,000 new people to opt-in to its text messaging program.
“2022 was an exciting year for PRCP, and we are very pleased with all that we were able to accomplish despite a challenging macroeconomic environment,” said Steve Plenge, Chief Executive Officer of PRCP. “Our ability to make significant progress on our strategic initiatives reflects the overall strength of our platform and the relationships we have with financial institutions and industry partners. We look forward to accelerating the momentum as we move deeper into 2023 and continuing to lead the transformation of real estate in a way that better aligns with the needs and expectations of the evolving communities we serve.”
PRCP entered 2023 from a position of enviable strength with a growing investment and advisory pipeline. With best-in-class in-house capabilities to maximize value creation, the firm is uniquely positioned to capitalize on the diverse opportunities it has identified and advance its plans to redefine the future of retail real estate.
About Pacific Retail Capital Partners
Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating groups of large open- air and enclosed shopping centers, with more than $3.0 billion in retail assets presently under management in the United States. Based in Southern California, PRCP provides end-to-end sourcing, assessment, underwriting, valuing, developing, and asset management of retail real estate with a proven track record of repositioning properties.
PRCP strategically manages over 20+ million square feet of retail destinations. The executive team has over 225 years of collective real estate expertise in leasing, marketing, operations, design, development, management, investment, and finance. With a keen focus on enhancing the value and quality of its growing portfolio, PRCP is dedicated to creating a unique, strategic vision for each property and exceeding the highest expectations of retail investors, retailers, and consumers. To learn more visit pacificretail.com or follow social media at: Facebook: @PacificRetailCapitalPartners and Instagram: @PacificRetail.
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