Pacific Retail buys N.J. mall; promises mixed-use makeover
A popular 1.2 million-sq.-ft. mall in northern New Jersey laid low by COVID has now been promised a rejuvenation.
Pacific Retail Capital Partners, a highly acquisitive developer known for working with communities to transform Eighties era malls into 21st Century mixed- used centers, 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 centers 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 90,000 sq. ft. at the mall.
Following the passage of the amendment, Bridgewater Mayor Matthew Moench commented that the change would allow the mall to welcome a Top Golf or a Dave & Busters to the community.
PCRP is currently engaged in similar entertainment- and residential-infused makeovers of malls across the country. It is one of the few retail real estate developers that employs an in-house architectural and design team that helps speed the approval of entitlements through its ability to quickly make changes in its originally submitted plans.
PRCP is currently redeveloping The Galleria mall in White Plains, N.Y., and Yorktown Center in Lombard, Ill., into mixed-use destinations with the addition of multifamily housing and green spaces.
At Shops at South Town in Sandy, Utah, it is adding more than 1,000 multifamily units plus new office, hotel, retail, and restaurant concepts. In Houston, PRCP is serving as development advisor on Memorial City, a proposed 27-acre urban infill development.
Situated along the I-287 corridor not far from New York City, the 35-year-old Bridgewater Commons has long served as a premier shopping destination in a high-income suburban region. Tenants include Bloomingdale’s, Macy’s, Apple, Lululemon Athletica, The Cheesecake Factory, AMC Dine-In Theatres, and Maggiano’s Little Italy.
“This transaction is a perfect example of how we are able to identify investment opportunities that we are uniquely positioned to execute on,” said PRCP CFO Oscar Parra. “The way we were able to structure this transaction together with Bridgewater Commons’ existing cash flow provides us with the time and resources required to deliver a well-conceived master plan.”