A popular 1.2 million square foot mall in northern New Jersey laid low by COVID has now been promised a major rejuvenation.
Pacific Retail Capital Partners, a highly acquisitive developer known for working with communities to transform Eighties era malls into 21st Century mixed- used centres, has purchased Bridgewater Commons in Bridgewater with a promise to prolong its life as a regional retail anchor. During the pandemic, a number of tenants closed on all three of the property’s levels.
“The acquisition of Bridgewater Commons represents another step in our ongoing efforts to acquire well-located, quality retail centres in fundamentally strong markets that will enable us to thoughtfully evolve them into market-leading mixed-use assets,” said PRCP CEO Steve Plenge.
Prior to the acquisition, PCRP worked with Bridgewater Township on entitlements that would allow it to widen the scope of offerings and tenants at the property. Last December, the township council amended a regional zone ordinance that would allow the introduction of entertainment and amusement tenants occupying up to 90,000sq ft at the mall.
