PRCP Plans Mixed-Use Revamp for The Shops at Palm Desert

Pacific Retail Capital Partners (PRCP) has acquired The Shops at Palm Desert, a nearly one-million square foot traditional, enclosed shopping mall in Palm Desert. Seller and purchase price weren’t disclosed.

PRCP will leverage its vertically integrated platform to conceptualize, design, and develop a master plan for the 72-acre property. “PRCP specializes in evolving real estate for the next generation, and we are very excited to apply our proven value-creation strategy to The Shops at Palm Desert,” said CEO Steve Plenge.

He added, “We see so much embedded potential in the asset, which we plan to unlock by unencumbering underutilized retail space and adding a mixed-use component that includes green space, multifamily, entertainment and more. We look forward to getting started and working in partnership with the City of Palm Desert throughout this process.”

The acquisition of The Shops at Palm Desert marks the second property PRCP has acquired in 2023, joining Bridgewater Commons in Bridgewater, N.J. The company also just assumed management and leasing responsibilities at Park Place in Tucson, AZ. The Shops at Palm Desert will be the fourth repositioning project the company has announced since fall 2022.