The mall in Palm Desert is getting new owners with new plans to create a mixed-use component that includes green space, multi-family, entertainment and more.
Pacific Retail Capital Partners (PRCP) announced its acquisition of The Shops at Palm Desert Thursday morning, a nearly one-million square foot traditional, enclosed shopping mall situated in the heart of Coachella Valley in Palm Desert, a vibrant and thriving city in Southern California.
A statement announcing the acquisition said the southern California-based company 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.
Todd Hileman, City Manager for the City of Palm Desert said, “The City of Palm Desert welcomes Pacific Retail's acquisition and expresses optimism at the prospect of redevelopment opportunities at this prime location. We believe that this significant investment aligns with our city's long-term growth goals and reflects the confidence that developers have in the economic vitality of Palm Desert."
Hileman added the city was eager to review Pacific Retail’s forthcoming plans and see how they will contribute to the overall enhancement of the community’s commercial landscape.
The statement PRCP released said it will develop an innovative master plan for the 72-acre property that will transform it into a vibrant, mixed-use destination and create an iconic civic gathering place that contributes to the existing character of the Coachella Valley.
Steve Plenge, Chief Executive Officer of PRCP said, “We see so much embedded potential in the asset, which we plan to unlock by unencumbering underutilized retail space and adding a mixed-use component that includes green space, multi-family, entertainment and more. We look forward to getting started and working in partnership with the City of Palm Desert throughout this process.”
The acquisition of The Shops at Palm Desert marks the second property PRCP has acquired in 2023, joining Bridgewater Commons in Bridgewater, N.J. The Company also just assumed management and leasing responsibilities at Park Place in Tucson, Ariz. The Shops at Palm Desert will be the fourth repositioning project the Company has announced since fall of 2022.
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