The power of strategic leasing
As executive vice president of leasing at Pacific Retail Capital Partners (PRCP), I’ve had the privilege of leading a team that thrives on transforming retail spaces into vibrant, high-performing assets. Our approach to leasing is rooted in a unique blend of expertise, strategic vision, and hands-on execution that sets us apart in the industry. At PRCP, we don’t just fill vacancies—we craft compelling retail environments that drive value for property owners, retailers and communities alike.
What makes PRCP exceptional is our vertically integrated model. From center management to development, design, planning, leasing, and local marketing, every facet of our operation works in sync. This holistic approach allows us to align leasing strategies with the broader goals of each property, ensuring a cohesive and impactful outcome. Our team draws on diverse expertise within the company to present a compelling case to retailers, making our shopping centers not just spaces, but destinations.
Members of our leasing team are a powerhouse of experience, many of whom have honed their skillsets at industry giants like Westfield, Macerich and Simon. This pedigree informs our day-to-day strategies, allowing us to incorporate best practices from the nation’s top REITs. Our flat organizational structure ensures that every team member, from senior leadership to on-the-ground reps, collaborates closely. This enables us to craft tailored leasing strategies that leverage the depth and quality of our portfolio to achieve the best outcomes for each center
Our geographic reach is another cornerstone of our success. With a presence spanning coast to coast, PRCP combines national scale with local market expertise. Each leasing representative is strategically located, deeply embedded in their communities, and responsible for the day-to-day management of their assigned properties. This localized approach, paired with the support of our national accounts leasing team, large-format and restaurant specialists, ensures we deliver results that resonate on both a local and national level.
A prime example of our capabilities is our work at Bridgewater Commons in New Jersey. When we took over the property, we hit the ground running with a bold vision to elevate the center’s brand and merchandising mix. By the end of this year, we will have opened 21 new stores, many of which are high-performing national retailers with wide consumer appeal. Our efforts will completely transform the shopping experience for our customers by turning a previously underachieving asset into a thriving retail hub, showcasing our ability to reenergize properties through strategic leasing and strong retailer relationships. We fully expect that our strategy will result in Bridgewater becoming one of the most successful retail assets – measured by sales volume and repeat traffic – in the entire state of New Jersey.
Another testament to our expertise is our success in repositioning underperforming spaces and backfilling them with stronger operators. For example, we took back 10 Forever 21 boxes across our portfolio and successfully re-tenanted them to a diverse mix of national and regional retailers. The result? A remarkable 25% increase in net operating income compared to the previous leases. This achievement underscores our ability to not only fill spaces, but to enhance value through thoughtful tenant diversification and strategic vision.
At PRCP, our strong national relationships with retailers give us a competitive edge. We leverage these connections to secure high-caliber tenants and execute multiple deals efficiently. Whether it’s a large-format retailer or a local boutique, our team’s ability to navigate complex negotiations and deliver results is unmatched. We pride ourselves on being partners that retailers can trust to maximize sales and the value of their brand.
PRCP offers a proven track record, a seasoned team, and a strategic approach that delivers tangible results for our communities, retailers, and partners. We are evolving real estate for the next generation, and our vertically integrated structure enables us to do this effectively, efficiently and sets us apart in the industry.
Steve Cassella is the executive VP of leasing at Los Angeles-based Pacific Retail Capital Partners
