A company called Pacific Retail Capital Partners has acquired three regional malls in a joint venture with an investment partner.
One of these malls is Northpark Mall in Ridgeland. Pacific focuses on B to B malls where there is upside through re-positioning, focused management and sometimes additional development of the property.
Northpark Mall sits on almost 100 acres in Ridgeland, a city that has seen the addition of 8,000 homes in the past ten years and sits just on the outskirts from the Capital City.
The mall is the busiest retail corridor in the state, is approx 958,000-square-feet, two-levels, and offers 120 retailers and eateries such as Dillard’s, Belk, JCPenney, H&M, Victoria’s Secret, Footlocker and Sephora.
Northpark is the only enclosed regional mall in a 50-mile radius and serves a large residential population. This made it attractive to Pacific Retail Capital Partners.
“In addition to our hands-on management and inventive marketing programs, at Northpark we are exploring the potential to add retailers that will be new to the market but fit the area demographics and demand. We also will be refreshing the space to make it more attractive and inviting, and bringing greater and more diverse dining options,” Plenge observed.