The Galleria of White Plains has new ownership: a southern California-based company that acquired the downtown mall for approximately $119.6 million along with two other regional mall properties.
Pacific Retail Capital Partners recently announced that it had acquired the 870,000-square-foot mall at 100 Main St. along with properties in Mississippi and Louisiana. The deal for the three properties, representing 2.8 million square feet total, was valued at more than $200 million, according to a statement from Pacific Retail.
The enclosed mall has 130 retailers including Sears, Macy’s and H&M. The mall opened in 1980 and was previously owned by Indianapolis-based Simon Property Group Inc.
Steve Plenge, managing principal of Pacific Capital, said the company will do a floor-by-floor evaluation of The Galleria and outline a capital improvement and leasing program.
He said the company will consider “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.”
From its headquarters south of Los Angeles, Pacific Retail oversees a portfolio of 11 retail properties. The company owns malls or shopping centers in New York, Illinois, California, Texas, Mississippi, Utah and Hawaii. Its other New York properties are Colonie Center in Albany and Broadway Mall on Long Island.
Northpark Mall in Ridgeland, Miss., and The Esplanade in Kenner, La., were the other malls Pacific Retail acquired in the deal.
For the three malls, Pacific Retail represents the fourth new owner in the past 15 years. The three malls were all originally built in the 1980s by Toronto-based developer Cadillac Fairview. Cadillac Fairview sold the malls, along with two others, to the Virginia-based Mills Corp. in 2003. The Galleria at White Plains sold individually for $131.5 million in the deal, according to county property records. Simon then acquired the properties when it, along with Farallon Capital Management, purchased the Mills Corp. in 2007.
Among its 230 retail properties worldwide, Simon still owns The Westchester upscale mall in downtown White Plains, The Shops at Nanuet in Rockland County and Woodbury Common Premium Outlets in Orange County.