Los Angeles Investor Buys Galleria at White Plains Mall
John Jordan | September 23, 2016
WHITE PLAINS—The long-rumored sale of The Galleria at White Plains mall is finally reality. Pacific Retail Capital Partners of El Segundo, CA has acquired the nearly 900,000-square-foot enclosed mall from Simon Property Group.
No purchase price was reported. Pacific Retail announced the purchase on Sept. 19th as one of three regional malls totaling 2.8 million square feet it added to its portfolio. The firm, along with an unnamed joint venture investment partner also purchased the Northpark Mall in Ridgeland, MS and The Esplanade in Kenner, LA. Pacific Retail stated that combined value of the three properties was in excess of $200 million.
The Simon Property Group acquired the Galleria at White Plains when it purchased The Mills Corp. in 2007. The Indianapolis, IN-based firm also owns The Westchester mall in White Plains and The Shops at Nanuet in Rockland County.
“These properties are all prime examples of retail centers that serve a vital need in the community and will benefit from the tailored management approach that is a hallmark of Pacific Retail,” said Steve Plenge, managing principal of Pacific Retail Capital Partners. “Pacific Retail’s experienced team will be deployed to evaluate each asset in the context of the neighborhood and what is valued by the customers to create a program to further enhance its appeal. This may include bringing new uses to the center, improving the physical space, adding events and public programs and in some cases redeveloping portions of the real estate.”
In terms of the firm’s plans for the 870,000-square-foot Galleria at White Plains, Plenge said, “To build on this strong asset, among the initiatives we are considering for The Galleria is stepping up the food offerings with more casual and fine dining and an enticing food hall to better serve area residents, visitors and office workers. Further, we will conduct a floor-by-floor evaluation of the center to outline a capital improvement and leasing program.”
The Galleria at White Plains, located at 100 Main St., currently features 130 retailers including Macy‘s, Sears, H&M, and Forever 21 as its major anchors.
Pacific Retail Capital Partners’ investment and management portfolio includes the West Oaks Mall in Houston; Yorktown Center in suburban Chicago; Colonie Center outside Albany, NY; South Towne Center in Sandy, UT; Queen Ka’ahumanu Center on Maui, Hawaii; and Paseo Nuevo in Santa Barbara, CA.
White Plains Mayor Thomas Roach, who has hinted for some time that a sale of the Galleria at White Plains was in the works and that a significant investment in the property could be in the offing, told the Journal News: “We’ve seen major reinvestment in both the City Center and The Westchester malls and we’re optimistic that we’ll see a reinvestment and improvement in the Galleria as well.”
Editor, Real Estate In-Depth