Pacific Retail acquires West Oaks Mall

Houston Pacific Retail Capital Partners said it has acquired the approximately 1.1 million-sq.-ft. West Oaks Mall in Houston for $15 million.

The principals of Pacific Retail previously purchased the mall in 2003, made substantial renovations and sold it in 2005 for $102 million to Investment Properties of America when they were with Somera Capital.

West Oaks Mall currently has three major anchors, Dillards, Macy’s and Sears. Previous anchor tenants J.C. Penney and Mervyns exited the center, leaving these spaces available for renovation and repositioning. The team has specifically identified the wing of the center formerly anchored by Mervyns to evaluate for redevelopment. The remainder of the center’s retail space is approximately 60% occupied.

Pacific Retail Capital Partners has created a joint venture with Collarmele Partners to handle the management, retail leasing, redevelopment, and construction supervision of the mall.

West Oaks Mall is comprised of 1,083,573 sq. ft., a single-level, enclosed regional mall set on nearly 100 acres that includes several perimeter retail and restaurant buildings.