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Pacific Retail Capital Partners Announces Partnership with JRE Partners and Anastacia AG to Elevate the Shopping Experience at Chesterfield Towne Center in Richmond, Virginia

via Business Wire

PRCP will oversee operations, leasing and design service responsibilities at the 1.03 million square foot asset – the largest enclosed mall in the Richmond area

Company's deep industry expertise and relationships will help unlock the property's strong upside potential

Pacific Retail Capital Partners (“PRCP”), one of the nation's leading retail real estate development, investment, management and advisory firms focused on evolving retail-led real estate, today announced a partnership with JRE Partners® and Anastacia AG, who recently acquired Chesterfield Towne Center in Richmond, Virginia. PRCP will assume operational leasing, master planning and design service responsibilities for the 1.03 million-square-foot asset, overseeing the property’s long-term strategic direction, including a potential redevelopment.

Located at the intersection of Midlothian Turnpike (US-60) and Huguenot Road (VA-147), Chesterfield Towne Center is the largest enclosed mall in the Richmond area and serves as the retail cornerstone for one of Richmond's most affluent and fastest-growing suburban communities. The property ranks in the top three percent of shopping centers statewide and draws 5.8 million annual visitors from a five-mile trade area with a median household income of $106,083.

“Working alongside two deeply respected institutions in JRE Partners and Anastacia AG, we will look to elevate the consumer experience at Chesterfield Towne Center,” stated Steve Plenge, CEO and Founder of PRCP. “We collectively feel there is massive upside potential at this strategically important asset that can be realized through leasing enhancements, operational improvements and repositioning opportunities – all services that PRCP specializes in and excels at. We look forward to partnering with the community, being true hands-on operators and reinvigorating this property for generations to come.”

PRCP will immediately leverage its strong relationships with in-demand national and local retailers and award-winning marketing team to improve the center's merchandising mix and community-driven programming. This strategy has proven highly effective at driving value throughout the company's portfolio, including at Bridgewater Commons in New Jersey, where in less than two years of managing the asset, PRCP brought in 20 new retailers, each with strong brand recognition. The company has collected 29 prestigious ICSC MAXI Awards in its lifetime, underscoring its proven expertise in creating programs that enhance tenant success while fostering community engagement.

Plenge continued, “We see an immediate opportunity to build upon the center's strong foundation by tapping into our strong relationships across the retail ecosystem to bring in new concepts that will reenergize the property and community. Chesterfield Towne Center has an exciting future, and we are excited to play a role in shaping it.”

Chesterfield Towne Center features anchors including Macy's, JCPenney, At Home, and T.J. Maxx/HomeGoods, alongside a strong lineup of more than 130 national retailers and dining destinations. The center is highly visible, easily accessible and provides an appealing experience for the area's upscale population of residents and college students.

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 $3.0 billion in assets under management across the United States. Based in Southern California, the company's portfolio totals more than 21 properties encompassing over 20 million square feet. With a highly experienced team that has a proven track record of generating value to its stakeholders, PRCP is dedicated to evolving real estate for the next generation by working with the communities it serves to design master plans that transform its assets into high-performing mixed-use destinations. The vertically-integrated company provides end-to-end sourcing, assessment, underwriting, valuing, developing, marketing, design and asset management services. To learn more visit pacificretail.com or follow on social media at: Facebook: @PacificRetailCapitalPartners and Instagram: @PacificRetail.

About JRE Partners

JRE Partners is a privately owned and operated real estate investment management business with expertise in real estate acquisition, development/redevelopment, financing, operations, marketing, and capital markets. Formed in 2022, JRE Partners is the successor operating business to Junius Real Estate Partners, a direct real estate investment division established within J.P. Morgan in 2011. JRE Partners originates and manages direct investments in U.S. commercial and residential real estate on behalf of a global investor base. To learn more please visit jre-partners.com.

About Anastacia AG

Anastacia AG is a single-family office based in Switzerland. Created in 2006, Anastacia AG invests across Europe and the U.S. in asset classes including real estate, shipping, financial services, and debt. To learn more please contact contact@anastacia.ch.

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