Page 33 - RLI December 2019 - January 2020

DEVELOPER PROFILE | Pacific RETail caPiTal PaRTnERS

Transforming the Nation’s WHITE PLAINS
New York, US

Destinations

Pacific Retail Capital Partners is the nation’s premier operating

group of retail-led properties and is dedicated to creating a unique
strategic vision for each property and exceeding the expectations

of its investors, retailers and customers. Here, RLI sits down with
Steve Plenge, Managing Principal of the company to learn more

about what makes the business stand out from the crowd.

acific Retail Capital Partners (PRCP) manages Some of the unique destinations that PRCP have worked on Always on the lookout for growth into new properties, the The bottom line “We at PRCP are driving the
approximately $2 billion in retail assets with a recently include the 958,000sq ft Northpark property, where company looks for real estate that has a particular reason for for PRCP is that they evolution to transform the
keen focus on strategically enhancing the value extensive renovations have revamped the property into the existing, has opportunities for growth and for places where they transform each centre into
Pand quality of its growing portfolio, which currently place to shop in Ridgeland, Mississippi. The reimagined centre can apply their active management and strategic planning efforts. a destination that brings regional mall into a retail-led
stands at over 11 million square feet of regional, open-air now includes a large-scale digital media screen, state-of-the-art “Investments in first-to-market, award-winning marketing value to the community mixed-use property”
lifestyle and mixed-use centres. interactive gaming wall, new Children’s Discovery Park and an all- activations alongside a continuous focus in setting a new standard and maximises profitability.
The key strength of the company is in identifying assets new family lounge to go alongside its 120 retailers and spacious for well-designed spaces, digitally-integrated retail and amenities The inspiration for the team comes from the communities
that have strong potential to transform into high-performing café style Eatery that offers a wide range of dining. Further that add playfulness and convenience to the consumer experience they serve and they want to create places where people want
properties and it has a proven track record of repositioning renovation projects included the Eastridge Center which now have all been key in setting PRCP apart,” Plenge explains. to come together to shop, dine and be entertained.
retail properties to improve the value for investors and partners. embraces the best of San Jose with a children’s PLAY area, top- The most important investment in recent times by PRCP has Plenge feels retail real estate has undergone a structural
In the past 12 months, the executive team has leveraged of-the-line family areas, spacious eating areas, grassy lawns with been the innovative community-centric programs and events dislocation driven by changes in consumer lifestyles and
their decades of collective experience with key national games and charging stations and an outstanding community that brought communities together, added value for investors, preferences. Factors such as department store obsolescence,
shopping centre owners to enable a continuous flow of calendar of uniquely local programs and events. directly fed the leasing pipeline, and established each asset as closure of non-innovating stores and rising e-commerce sales
transaction opportunities, many of which were off-market. In terms of new acquisitions, the newly acquired The Shops the dynamic gathering place for the neighbourhoods they serve. have put pressure on retail.
The end result of this was a well-rounded and direct pipeline at Montebello is a modern indoor regional shopping centre When discussing social media and the role it plays in the “For innovative retail owners and manager, there is an
of potential acquisitions. This year alone, PRCP were delighted conveniently located east of downtown Los Angeles. Featuring marketing of the company portfolio, Plenge feels that word- opportunity to acquire select, exceptionally located properties
to welcome The Shops at Montebello and Southgate Market more than 160 specialty retailers and a wide range of shopping of-mouth is a currency that affects the bottom line, and that at discounted prices then unlock their value through a
to its ever-expanding portfolio. and dining, the modernised location provides a premier shopping social media allows word-of-mouth in scale. In the past year, thoughtful and integrated strategy of master-planning,
“We take a comprehensive approach to transform each experience and community activation for guests of all ages. its marketing messages reached over 15 million patrons densification and localised marketing,” Plenge explains.
property in a way that directly grows the asset’s value, makes “In the coming months we look forward to completing through the properties’ organic online communities. “Truly transforming retail centres into high-performing, well-
a compelling destination, and attracts quality investors on exit,” the redevelopment of Paseo Nuevo with common-area “Social media plays a major role for our portfolio, not only planned, mixed-use experiential centres that draw in shoppers,
explains Steve Plenge, Managing Principal at Pacific Retail Capital gathering spots, a reimagined Center Court, upgraded for marketing, but also for acquiring leads, garnering a wealth add vitality to a local community and become regional
Partners. “We at PRCP are driving the evolution to transform lighting, landscaping and flooring plus the addition of water of market research, and providing accessible and responsive destinations is the key to long-term stability and value creation.”
the regional mall into a retail-led mixed-use property.” and fire features,” says Plenge. direct customer service.” www.pacificretail.com / @PacificRetail
NORTHPARK
Ridgeland, Mississippi, US
EASTRIDGE NORTHPARK
San Jose, California, US Ridgeland, Mississippi, US

34 RETAIL & LEISURE INTERNATIONAL SEPTEMBER 2019 DEcEMBER 2019 / JanUaRY 2020 RETAIL & LEISURE INTERNATIONAL 33