The El Segundo-based premier retail operating group of retail-led properties, Pacific Retail Capital Partners (PRCP) identifies a new partner to extend maturity on loan for San Jose-based mall, Eastridge Center.
“We are pleased to engage with our new partner, Silver Eagle Capital Partners, as we continue the revitalization of Eastridge Center,” said Steve Plenge, Managing Principal at Pacific Retail Capital Partners. “Eastridge has and continues to be, a unique and dynamic retail property in the East San Jose market. With the robust growth and diversity of the population in this area, this presents a number of outstanding opportunities for the partnership to capitalize on increased retail demand and potential longer-term density to the site. Pacific Retail has successfully repositioned the property over the past few years with a comprehensive renovation to the property and we will endeavor to capitalize on that past success as we move forward with the asset in our new partnership.”
With more than $3 billion in assets under management in the United States, this partnership represents PRCP’s continued ability to offer creative solutions to the challenges that regional, open-air lifestyle and mixed-use centers face today. PRCP disrupts the commercial real estate sector by being the catalyst for innovative ideas and productive transactions. Adept in crafting a compelling vision for a specific asset, PRCP continues to diversify business through its comprehensive approach.
“I am excited to support the San Jose community with this acquisition of Eastridge Center. The center and the surrounding community represent the vitality, opportunity, ingenuity, and energy of the entire Bay Area,” said Steven Dai, Founding Partner of Silver Eagle Capital. “I see Eastridge Center establishing itself as the destination for family-friendly relaxation, entertainment, and quality dining.”
Plans include enhancing the economic and social activity in the San Jose area through collaboration with local government and the business community to bring new tenants that represent the appetite of the market. Eastridge aims to be a one-stop shop for family friendly dining, shopping, and entertainment experiences.
Home to first-to-market uses and globally recognized marketing initiatives, this year Eastridge Center introduced an event for local sneaker enthusiasts, dubbed KixCon, and will expand on over 20,000 square feet of public art with an interactive art gallery space.
About Pacific Retail Capital Partners Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating groups of large open-air and enclosed shopping centers, with more than $3 billion in retail assets presently under management in the United States. Based in Southern California, PRCP provides end-to-end sourcing, assessment, underwriting, valuing, developing, and asset management of retail real estate with a proven track record of repositioning properties. PRCP strategically manages over 20 million square feet of retail destinations. The executive team has over 175 years of collective real estate expertise in leasing, marketing, operations, design, development, investment, and finance. With a keen focus on enhancing the value and quality of its growing portfolio, PRCP is dedicated to creating a unique, strategic vision for each property and exceeding the highest expectations of retail investors, retailers, and consumers.
To learn more, visit pacificretail.com or follow social media at: Facebook: facebook.com/pacificretailcapitalpartners Instagram: @pacificretail
About Eastridge Center Owned and operated by Pacific Retail Capital Partners, Eastridge Center is Silicon Valley's second largest retail destination with 1.4 million square feet of abundant shopping, dining, and entertainment. 2018 marked a milestone as the property unveiled its physical redeveloped space and a community-focused approach to embrace the best of San Jose. The development includes a full-interior remodel, new family areas and state-of-the-art amenities, and the largest exterior mural artscape on any shopping center in the nation. Eastridge Center features an impressive 15-screen AMC IMAX Theatre, Round 1 Bowling & Amusements, Macy’s, JCPenney, Red Robin, and Chili’s, and showcases a spacious eatery, multiple restaurants, and 100 stores including H&M, Hollister Co., Tilly’s, Victoria’s Secret, and the Bay Area’s first Forever 21 RED. The Center Court offers two levels of shopping with superior store accessibility and visibility in the city’s East Foothills and Evergreen neighborhoods. For more information, visit eastridgecenter.com or follow social media at: Facebook: facebook.com/eastridgecenterInstagram: @EastridgeCenter