Mall re-maker Pacific Retail spent $400 million on buys and redevelopments in 2024
Scores of regional malls in the United States may have seen their customer appeal wane, but they still sit on premier property. Pacific Retail Capital Partners’ (PRCP) corporate mission is reviving these plum locations, and it reports having invested more than $400 million on buying and redeveloping such prime locations in 2024.
Its creative renovations can turn out, literally, to be power plays.
At The Shops at South Town in Sandy, Utah, the Los Angeles-based company created a shovel-ready site for a National Hockey League practice facility. PRCP sold the property to Smith Entertainment Group while maintaining its third-party management role.
“This transaction exemplifies a cornerstone of PRCP's value-creation strategy--unlocking an asset's full potential by systematically clearing development hurdles and modernizing legacy agreements,” said PRCP’s executive VP of marketing Najla Kayyem. “It creates both immediate value and lays the groundwork for a project that will catalyze growth throughout the Sandy and greater Salt Lake City communities.”
Other big projects for PRCP in 2025 include:
- Receiving unanimous approval from the Maui County Council for the rezoning of Queen Kaʻahumanu Center in Maui, Hawaii, paving the way for its transformation into a mixed-use destination that will help address critical housing needs on Maui.
- Commencing with its plan to remake the site of the Galleria Mall in White Plains, N.Y. into District Galleria. PRCP will partner with the city to demolish the mall and create a multi-block development of retail, seven residential towers, and a quarter mile-long green promenade with pocket parks and green spaces. District Galleria was honored as “Project of the Year” by The Commercial Observer.
“This year we showcased our agility and strategic acumen by unlocking value within our existing portfolio and forging partnerships that share our vision for the evolution of retail-led real estate,” said Steve Plenge, PRCP’s founder and CEO. “As we look to 2025, we remain committed to transforming our properties into dynamic, multi-use destinations that will serve communities for generations to come, working alongside partners who recognize the immense potential in reimagining traditional retail spaces.”
