INDEPENDENCE, MO—A lot of people in commercial real estate havelamented the decline of brick-and-mortar retail. Others,however, see underutilized malls and empty storefronts asopportunities. And tearing down these properties often makes lesssense than finding new uses appropriate for an era when consumersshop so much online.
Pacific Retail Capital Partners, for example,recently decided to step in as the operator of Independence Center,an iconic lifestyle shopping center in Independence, MO, justoutside of Kansas City. Boasting more than one million square feetof retail space and 12 million annual visitors, Independence Centerhas been one of the region's largest shopping centers since openingin 1974, but in recent years it struggled. Last year, SimonProperty Group, its previous owner, defaulted on $200 million loan.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
