Reflects PRCP’s specialty in unencumbering land to maximize the full value of its portfolio
Pacific Retail Capital Partners ("PRCP"), one of the nation's leading retail real estate development, investment, management and advisory firms focused exclusively on evolving retail-led real estate, is pleased to announce that the rezoning application submitted in conjunction with LNR Partners, LLC (“LNR”) to the Maui County Council on behalf of the owner of Queen Kaʻahumanu Center in Maui, Hawaii, was unanimously approved. PRCP is the property manager for Queen Kaʻahumanu Center and collaborated with LNR, the CMBS special servicer for the property’s owner, to submit the application.
Lemore Czeisler, Vice President Development at PRCP, stated, “We are very appreciative of the Maui County Council for voting unanimously in favor of the rezoning application submitted for Queen Kaʻahumanu Center. We look forward to the transformation of the property and having it serve as a beacon of energy and activity for the people of Maui.”
The successful outcome of PRCP and LNR’s rezoning request is a direct result of their ability to work closely with the local officials and leaders ahead of time to fully understand and appreciate the wants and needs of the community.
John Mitchell, Senior Vice President at LNR, commented, “The approval by the Maui County Council allows for the reimagining of Queen Kaʻahumanu Center and the potential to reposition it as a community focused destination that reflects the culture, pride and heritage that endures throughout the islands. Now that the property has been cleared for rezoning, we invite others interested in investing in the reincarnation of Queen Kaʻahumanu Center to become part of something truly unprecedented in Maui.”
The rezoning approval paves the way to transform Queen Kaʻahumanu Center into a vibrant mixed-use destination that will help address Maui’s critical need for housing and better serve the needs of the community.
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 billion in assets under management across the United States. Based in Southern California, the company’s portfolio totals 24 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 LNR
LNR is a commercial real estate company and one of the first companies to enter the CMBS industry in the early 1990's. LNR has created one of the nation's leading and most respected franchises in the CMBS market. In particular, LNR is one of the leading investors in non-investment grade CMBS bonds. Additionally, LNR has developed two of the most highly regarded Asset Management and Real Estate Asset Management groups in the industry. Through another division, LNR is active in direct equity investing and development of commercial real estate.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015010633/en/
Contacts
Media Contact:
For PRCP
Matthew Chudoba or Kerri Harper (ICR)
prcp@icrinc.com
