Pacific Retail Capital Partners (PRCP) has recently acquired The Shops at Palm Desert, a traditional shopping mall spanning almost one million square feet in Palm Desert. The seller and purchase price have not been disclosed.
Utilizing its vertically integrated platform, PRCP will develop a master plan for the 72-acre property. CEO Steve Plenge stated that “PRCP specializes in transforming real estate for the next generation and we are thrilled to apply our proven value-creation strategy to The Shops at Palm Desert.” He also mentioned plans to revitalize underutilized retail space by incorporating mixed-use elements such as green spaces, multifamily residences, and entertainment options. Plenge looks forward to working with the City of Palm Desert throughout this process.
This acquisition marks PRCP’s second property purchase of 2023 after Bridgewater Commons in Bridgewater, N.J., as well as assuming management and leasing responsibilities at Park Place in Tucson, AZ. This project will be their fourth repositioning endeavor since fall 2022.
