{"id":1004662942,"date":"2023-05-16T03:28:56","date_gmt":"2023-05-16T11:28:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004662942"},"modified":"2023-05-16T03:28:58","modified_gmt":"2023-05-16T11:28:58","slug":"pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/","title":{"rendered":"Pacific Retail Capital Partners Buys 1.2 MSF New Jersey Mall"},"content":{"rendered":"
\"Bridgewater<\/a>

Bridgewater Commons. Image courtesy of Pacific Retail Capital Partners<\/em><\/p><\/div>\n

Pacific Retail Capital Partners<\/strong> has acquired Bridgewater Commons, a 1.2 million-square-foot mall along the I-287 corridor, in Bridgewater Township, N.J.<\/p>\n

The acquisition also included The Village at Bridgewater Commons, a 94,000-square-foot open-air shopping district adjacent to Bridgewater Commons.<\/p>\n

The deal marks PRCP\u2019s entry into New Jersey. Financials on the transaction were not disclosed.<\/p>\n

\n

READ ALSO<\/strong>: Inside the Southeast\u2019s Retail Demand<\/a><\/p>\n

\n
\"Bridgewater<\/a>

Bridgewater Commons. Image courtesy of Pacific Retail Capital Partners<\/em><\/p><\/div>\n

PRCP describes Bridgewater Commons, which is celebrating its 35th anniversary this year, as \u201cone of Northern New Jersey\u2019s premier shopping destinations.\u201d The center\u2019s more than 150 tenants include Bloomingdale\u2019s, Macy\u2019s, J. Crew, Apple, Lululemon Athletica, Pottery Barn, Williams-Sonoma, Seasons 52, AMC Dine-In Theatres, LOFT, The Cheesecake Factory, Maggiano\u2019s Little Italy and Shake Shack.<\/p>\n

Under the terms of the transaction agreement, PRCP assumed Bridgewater Commons\u2019 existing loan and secured an extension that will give the buyer enough time to execute its plan to transform the mall into a mixed-use destination.<\/p>\n

A PRCP spokesperson told Commercial Property Executive<\/em> that as of now there is no firm plan nor timeline for the property\u2019s redevelopment, only that now that PRCP has completed the acquisition, \u201cthey can begin the process of working with city officials to design a plan to meet the needs of the community.\u201d<\/p>\n

The right mix<\/h2>\n

PRCP has several redevelopment\/repositioning projects going at the moment.<\/p>\n

    \n
  • It\u2019s redeveloping The Galleria at White Plains in White Plains, N.Y., in partnership with Cappelli Organization<\/strong> and SL Green<\/strong>.<\/li>\n
  • At Yorktown Center in Lombard, Ill., PRCP acquired the former Carson\u2019s anchor box and is transforming it into a mixed-use destination by adding more than 600 multifamily units and a park.<\/li>\n
  • The company is also repositioning Shops at South Town in Sandy, Utah, into a live-work-play environment by building more than 1,000 multifamily units and adding office and hotel components, along with additional retail and restaurant space.<\/li>\n<\/ul>\n

    \u201cMultifamily additions are particularly beneficial in areas with dense population and high growth,\u201d says a first-quarter U.S. Retail Outlook from JLL<\/strong>. According to the report, several vacant Macy\u2019s<\/strong> boxes are being converted into multifamily complexes in Central Florida, and in South Florida plans are underway to convert empty department store space and underutilized parking areas into multifamily properties.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Bridgewater Commons marks the company\u2019s first foray in the market. <\/p>\n","protected":false},"author":882,"featured_media":1004662982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21752,21742,10,21749],"tags":[32796,34941,32895],"class_list":["post-1004662942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-mixed-use","category-latest","category-northeast","category-retail","tag-jll","tag-pacific-retail-capital-partners","tag-sl-green-realty-corporation"],"acf":[],"yoast_head":"\nPacific Retail Capital Partners Buys 1.2 MSF New Jersey Mall - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Pacific Retail Capital Partners has acquired Bridgewater Commons, a 1.2 million-square-foot mall in Bridgewater Township, N.J.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pacific Retail Capital Partners Buys 1.2 MSF New Jersey Mall\" \/>\n<meta property=\"og:description\" content=\"Pacific Retail Capital Partners has acquired Bridgewater Commons, a 1.2 million-square-foot mall in Bridgewater Township, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-16T11:28:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-16T11:28:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Bridgewater-Commons.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"812\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/\",\"name\":\"Pacific Retail Capital Partners Buys 1.2 MSF New Jersey Mall - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Bridgewater-Commons.jpg\",\"datePublished\":\"2023-05-16T11:28:56+00:00\",\"dateModified\":\"2023-05-16T11:28:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Pacific Retail Capital Partners has acquired Bridgewater Commons, a 1.2 million-square-foot mall in Bridgewater Township, N.J.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pacific-retail-capital-partners-buys-1-2-msf-new-jersey-mall\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Bridgewater-Commons.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Bridgewater-Commons.jpg\",\"width\":812,\"height\":600,\"caption\":\"Bridgewater Commons. 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