LOS ANGELES--(BUSINESS WIRE)--Pacific Retail Capital Partners ("PRCP" or the "Company"), one of the nation's premier retail operating groups of large open-air and enclosed shopping centers, today provided a recap of its business activities in 2024, highlighting the Company's continued success in evolving real estate for the next generation through mixed-use transformational projects, hands-on property management, strategic leasing upgrades and property transactions.
Portfolio Optimization Drives Capital Markets Activity
PRCP executed $341 million in strategic capital markets transactions in 2024, showcasing its expertise in identifying opportunities and maximizing asset value even amid challenging market conditions. Notable transactions included the acquisition of Kings' Shops in Waikoloa, Hawaii, alongside joint venture partners Starwood Property Trust and Taconic Capital Advisors, expanding PRCP's presence in Hawaii and solidifying its commitment to the region.
The Company completed the strategic disposition of The Shops at South Town in Sandy, Utah to Smith Entertainment Group (SEG), creating a shovel-ready site for SEG's National Hockey League practice facility while maintaining an ongoing management relationship. 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. The Company's methodical approach transformed a traditional retail property into a compelling redevelopment opportunity, creating both immediate value and laying the groundwork for a project that will catalyze growth throughout the Sandy and greater Salt Lake City communities.
Strategic Advancement of Mixed-Use Development Pipeline
PRCP continued to expand its malls-to-mixed-use development portfolio in 2024, with over $100 million in active development activity and 271 residential units under construction. A significant milestone was achieved in November with the groundbreaking at Yorktown Center in Lombard, Illinois, which will ultimately include approximately 600 residential units and The Square, a one-plus acre community park. The evolution of this property was the catalyst for attracting high-caliber retail tenants, with new commitments from upscale specialty grocer The Fresh Market, Tapville Social, Empire Burgers + Brew, Dave & Buster's and Ancho & Agave. Phase 1 of the Yorktown project remains on track for completion by Summer 2026.
The Company also secured 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 vibrant mixed-use destination that will help address critical housing needs on Maui. This achievement demonstrates PRCP's expertise in working with local officials to unlock development potential that aligns with community priorities.
The Company expects activity on the award-winning District Galleria to commence this year. PRCP is currently working with their partners and the City of White Plains on its master plan for the asset, which will result in the former enclosed mall being torn down to make way for a visionary mixed-use sustainable development spanning multiple city blocks. The future of the property will be home to seven residential towers of varied heights with up to 3,200 apartments – of which 12 percent will be affordable – a quarter mile long green promenade with pocket parks and ample green spaces. The project is a joint venture between PRCP, the Cappelli Organization, SL Green Realty Corporation and Aareal Bank.
Operational Excellence Drives Portfolio Performance
PRCP demonstrated strong operational performance through both leasing activity and management expansion in 2024, as retailers increasingly seek locations within dynamic mixed-use environments. The Company executed leases totaling more than 1.27 million square feet, including more than 422,000 square feet of new leases. This leasing momentum reflects growing retailer confidence in PRCP's vision of creating vibrant, multi-use destinations that drive consistent foot traffic and foster community engagement. The Company's strategic approach to merchandising mix continues to attract both national brands and local retailers who recognize the value of being part of these reimagined spaces.
PRCP also expanded its third-party management portfolio with the addition of Champlain Centre in Plattsburgh, New York. The 455,000-square-foot center, which serves as the primary retail destination for both local residents and Canadian shoppers from across the border, is 165 miles from the nearest comparable retailer, making it a key retailer destination in this cross-border market.
The company also took over a portfolio of office asset management and advisory to guide the evolution of the office assets and create long term value for its owners in New York City, Washington D.C. and the Bay Area.
Industry Recognition and Community Leadership
In 2024, PRCP’s award-winning marketing team launched several significant community-focused initiatives, most notably the comprehensive 'M-All Hands On Deck' campaign. This portfolio-wide program mobilized resources to provide critical assistance to communities impacted by natural disasters, beginning with Hurricane Helene relief efforts. The campaign showcased PRCP's ability to leverage its properties as vital community support hubs, featuring coordinated fundraising activities that channeled proceeds to humanitarian aid organizations across multiple regions.
PRCP's strategic marketing approach empowers local teams to adapt and respond to their unique market conditions, from evolving e-commerce trends to community-specific needs. This market-responsive strategy earned the Company significant industry recognition in 2024, including four MAXI Awards at ICSC's Global Awards ceremony - three Gold and one Silver - bringing its total MAXI count to 27. The awards celebrated several impactful community programs, including PRCP's rapid response to the Maui wildfires through the "Extend Aloha" and "Kokua for Maui" campaigns. The Company was also named an Influencer in Retail Real Estate by GlobeSt., further acknowledging its leadership role in evolving the retail real estate landscape.
District Galleria, the company’s visionary mixed-use development in White Plains, New York was honored as “Project of the Year” by The Commercial Observer and won a Silver Global ICSC award for Design and Development in the unbuilt category.
Looking Ahead to 2025
Reflecting on 2024 activities, PRCP Founder and CEO Steve Plenge added: “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. Our ability to execute smart transactions and advance our mixed-use development pipeline, even in a challenging market, demonstrates the strength of our approach. 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.”
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 totals 24 properties 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.
