LOS ANGELES--(BUSINESS WIRE)--Pacific Retail Capital Partners (“PRCP” or the “Company”), one of the nation’s leading retail real estate development, investment, management and advisory firms focused exclusively on evolving retail-led real estate, today announced its acquisition of The Shops at Palm Desert, a nearly one-million square foot traditional, enclosed shopping mall situated in the heart of Coachella Valley in Palm Desert, a vibrant and thriving city in Southern California.
PRCP will leverage its vertically integrated platform to conceptualize, design, and develop an innovative master plan for the 72-acre property that will transform it into a vibrant, mixed-use destination and create an iconic civic gathering place that contributes to the existing character of the Coachella Valley. With a strong presence throughout Southern California, PRCP is well-versed in the lifestyle preferences of the market and expectations of the retail experience, thereby accelerating the time it will take to move its vision from conceptualization to reality,
“PRCP specializes in evolving real estate for the next generation, and we are very excited to apply our proven value-creation strategy to The Shops at Palm Desert,” stated Steve Plenge, Chief Executive Officer of PRCP. “We see so much embedded potential in the asset, which we plan to unlock by unencumbering underutilized retail space and adding a mixed-use component that includes green space, multi-family, entertainment and more. We look forward to getting started and working in partnership with the City of Palm Desert throughout this process.”
The acquisition of The Shops at Palm Desert marks the second property PRCP has acquired in 2023, joining Bridgewater Commons in Bridgewater, N.J. The Company also just assumed management and leasing responsibilities at Park Place in Tucson, Ariz. The Shops at Palm Desert will be the fourth repositioning project the Company has announced since fall 2022. Other mall-to-mixed-use projects PRCP is actively pursuing include:
- The Galleria at White Plains in White Plains, N.Y – PRCP, in partnership with the Cappelli Organization and SL Green, has designed a plan that will transform the asset to focus on open spaces, promenades and pocket parks to complement the redevelopment’s planned seven residential towers, food hall and retail experience.
- Yorktown Center in Lombard, Ill. – PRCP acquired the former Carson’s anchor box and is transforming it into a mixed-use destination by adding over 600 multifamily units and a park.
- The Shops at South Town in Sandy, Utah – Efforts are currently underway to reposition the site into a leading live, work and play environment.
“There has been a fundamental shift in the way retail owners and operators approach new markets. We look for communities that understand and acknowledge that the retail landscape has changed drastically over the last 20 years,” said Oscar Parra, Chief Financial Officer of PRCP. “Instead of just accelerating goods and services, these cities are asking, ‘What should we be accelerating?’. For many markets, the answer is housing, green spaces and communal areas – or mixed-use destinations – that create an environment of live, work and play for residents, and cities are choosing to partner with us because of our extensive track record of designing viable real estate for the future.”
The Shops at Palm Desert is situated in the heart of Palm Desert’s Highway 111 corridor, which is travelled by residents and tourists alike on their way to the Coachella Valley’s many recreational offerings. The mall was built in 1982, renovated in 2013, and is currently anchored by JCPenney, Macy’s, Dicks Sporting Goods, and Barnes & Noble. As the geographic center of the Coachella Valley, the City of Palm Desert has experienced double-digit growth in population since 2010, which has helped attract notable development to the area. The 10,000-seat Acrisure Arena opened in late 2022; and the Section 31 project – a 618-acre mixed use development featuring Disney’s Storytelling by Disney residential concept amid a 24-acre water feature, 1,700 single-family homes and 400 resort hotel rooms – was approved in 2019.
“The City of Palm Desert welcomes Pacific Retail's acquisition and expresses optimism at the prospect of redevelopment opportunities at this prime location. We believe that this significant investment aligns with our city's long-term growth goals and reflects the confidence that developers have in the economic vitality of Palm Desert. Our team is eager to review Pacific Retail’s forthcoming plans and see how they will contribute to the overall enhancement of our community’s commercial landscape,” said Todd Hileman, City Manager for the City of Palm Desert.
About Pacific Retail Capital Partners
Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating groups of large open- air and enclosed shopping centers, with more than $3.0 billion in assets under management across the United States. Based in Southern California, the company’s portfolio encompassing over 20 million square feet. With a highly experienced team that has a proven track record of generating value to its stakeholders, PRCP is dedicated to evolving real estate for the next generation by working with the communities it serves to design master plans that transform its assets into high-performing mixed-use destinations. The vertically-integrated company provides end-to-end sourcing, assessment, underwriting, valuing, developing, marketing, design and asset management services. To learn more visit pacificretail.com or follow on social media at: Facebook: @PacificRetailCapitalPartners and Instagram: @PacificRetail.
About The Shops at Palm Desert
The greater Palm Springs area is known worldwide as a Southern California oasis, home to year-round sunshine, resort living, world-class golf and tennis, and signature events that draw over 14 million tourists annually. The Shops at Palm Desert is at the heart of it all featuring the region’s largest public art collection and seasonal programs for families. The center is the only enclosed mall with in a 60-mile radius and features nearly 100 shops and eateries, including Macy’s, JCPenney, Dick’s Sporting Goods, H&M, F21 red and Barnes & Noble.
