Bridgewater Commons Acquired by Pacific Retail Capital Partners

On May 16, 2023

Pacific Retail Capital Partners (PRCP), a California-based retail real estate development, investment, management and advisory firm, has entered the New Jersey market with the acquisition of the 1.2-million-square-foot Bridgewater Commons. The acquisition includes The Village at Bridgewater Commons, a unique 94,000-square-foot open air shopping district adjacent to Bridgewater Commons.

PRCP assumed Bridgewater Commons’ existing loan and secured an extension that will provide the company with sufficient time to execute its plan to transform the mall into a vibrant mixed-use destination. The company is committed to working closely with local officials and community members in order to help revitalize Bridgewater Commons and create a destination that will continue to be an anchor for the market for years to come.

“The acquisition of Bridgewater Commons represents another important 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 Steve Plenge, CEO of PRCP.

Situated along the I-287 corridor, Bridgewater Commons is one of Northern New Jersey’s premier shopping destinations. The property, which is celebrating its 35th anniversary this year, is located in a suburb in proximity to New York City and is home to a number of category-leading retailers and restaurants, including Bloomingdale’s, Macy’s, Apple, J. Crew, lululemon athletica, Williams-Sonoma, The Cheesecake Factory and AMC Dine-In Theatres, LOFT, Maggiano’s Little Italy, Shake Shack and Starbucks.

“This transaction is a perfect example of how we are able to use our industry relationships and expertise to identify investment opportunities that we are uniquely positioned to execute on,” commented Oscar Parra, Chief Financial Officer of PRCP. “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.”

PRCP’s redevelopment strategy is centered on delivering high-quality real estate for the next generation. The company is currently redeveloping The Galleria at White Plains in White Plains, N.Y. in partnership with Cappelli Organization and SL Green. At Yorktown Center in Lombard, Ill., PRCP acquired the former Carson’s anchor box and is transforming it into an exciting mixed-use destination by adding over 600 multifamily units and a park. In addition, the company is repositioning Shops at South Town in Sandy, Utah into a leading live, work and play environment by building more than 1,000 multifamily units and adding an office and hotel component with additional unique restaurant and retail concepts. PRCP is also serving as development advisor on Memorial City, a proposed 27-acre, urban infill development in Houston.

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