Bridgewater Commons. Picture courtesy of Pacific Retail Capital Companions
Pacific Retail Capital Companions has acquired Bridgewater Commons, a 1.2 million-square-foot mall alongside the I-287 hall, in Bridgewater Township, N.J.
The acquisition additionally included The Village at Bridgewater Commons, a 94,000-square-foot open-air purchasing district adjoining to Bridgewater Commons.
The deal marks PRCP’s entry into New Jersey. Financials on the transaction weren’t disclosed.
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Bridgewater Commons. Picture courtesy of Pacific Retail Capital Companions
PRCP describes Bridgewater Commons, which is celebrating its thirty fifth anniversary this yr, as “one in all Northern New Jersey’s premier purchasing locations.” The middle’s greater than 150 tenants embrace Bloomingdale’s, Macy’s, J. Crew, Apple, Lululemon Athletica, Pottery Barn, Williams-Sonoma, Seasons 52, AMC Dine-In Theatres, LOFT, The Cheesecake Manufacturing unit, Maggiano’s Little Italy and Shake Shack.
Below the phrases of the transaction settlement, PRCP assumed Bridgewater Commons’ current mortgage and secured an extension that can give the customer sufficient time to execute its plan to remodel the mall right into a mixed-use vacation spot.
A PRCP spokesperson informed Business Property Govt that as of now there isn’t a agency plan nor timeline for the property’s redevelopment, solely that now that PRCP has accomplished the acquisition, “they will start the method of working with metropolis officers to design a plan to satisfy the wants of the neighborhood.”
The right combination
PRCP has a number of redevelopment/repositioning tasks going in the meanwhile.
- It’s redeveloping The Galleria at White Plains in White Plains, N.Y., in partnership with Cappelli Group and SL Inexperienced.
- At Yorktown Heart in Lombard, Unwell., PRCP acquired the previous Carson’s anchor field and is remodeling it right into a mixed-use vacation spot by including greater than 600 multifamily models and a park.
- The corporate can be repositioning Outlets at South City in Sandy, Utah, right into a live-work-play setting by constructing greater than 1,000 multifamily models and including workplace and lodge parts, together with further retail and restaurant house.
“Multifamily additions are significantly useful in areas with dense inhabitants and excessive development,” says a first-quarter U.S. Retail Outlook from JLL. Based on the report, a number of vacant Macy’s bins are being transformed into multifamily complexes in Central Florida, and in South Florida plans are underway to transform empty division retailer house and underutilized parking areas into multifamily properties.
