Pacific Retail Capital Partners has acquired three regional US malls for around $200m (€180m) for a European institutional investor.
Steve Plenge, managing principal at Pacific Retail, said: “This investment we completed with them represents one of the investor’s initial real estate [deals] in the US.”
The properties, sold by the Simon Property Group, included the 870,000 sq ft Galleria at White Plains in New York state, the 958,000 sq ft Northpark Mall in Mississippi and the more than 1m sq ft Esplanade in Kenner, Louisiana.
“These properties are all prime examples of retail centres that serve a need in the community,” Plenge said.
Pacific Retail may bring in new uses to the centre, he said, such as improving the physical space, adding events and public programmes and, in some cases, redeveloping portions of the real estate.
The overall occupancy on the three assets is in the 90% range.
The New York State asset has Macy’s and Sears among its main tenants.
Plenge said: “To build on this strong asset, among the initiatives we are considering for the Galleria is stepping up the food offerings, with more casual and fine dining and an enticing food hall to better serve residents, visitors and office workers.”
The Mississippi property is anchored by several tenants include Dillard’s and Belk.
“We are exploring the potential to add retailers that will be new to the market but fit the area demographics and demand,” said Plenge.
The Esplanade is a two-level asset with lead tenants like Target and Macy’s.
A potential addition for the future could be adding residences to the asset.
