LOS ANGELES, Ca. – (June 5, 2019) – Pacific Retail Capital Partners, a property owner/operator and developer based in Southern California, has taken over as operator and manager for Southgate Market, located in the trendy South loop of Chicago.
Located at 1101 S. Canal Street in Chicago, Illinois, and near the corner of Roosevelt Road, Southgate Market is a unique urban destination featuring an assortment of large format stores on multiple levels. The center includes well-performing major chains such as Whole Foods Market, PetSmart, Marshalls, LA Fitness, Starbucks, Michaels, Panera, and DSW along with professional medical offices of the award-winning University of Chicago Medicine.
Positioned in a growing community with numerous economic growth drivers, Southgate Market is located in a desirable area for young professionals, growing families and university students. Not only does the center serve the trendy and rapidly growing residential neighborhoods of the South Loop, Little Italy and University Village, it has also seen a rising daytime population of three quarters of a million people. Southgate Market is positioned near the Old Main Post Office, which is in the midst of a large-scale, 2.5 million square foot redevelopment of office space that will be home to notable companies; Walgreens Boots Alliance, Uber, Ferrara Candy, Home Chef, and more.
“Southgate Market is a key addition to Pacific Retail’s growing portfolio of significant retail centers across the country,” said Gary Karl, Chief Operating Officer for Pacific Retail. “The transition in management will be seamless and our initial goal is to enhance the experience for the shopper.” Pacific Retail has a strategic acquisition program that identifies select, well-performing markets and retail properties where it can apply its operating experience in enhancing and repositioning centers to increase appeal to the local community and improve performance.
About Pacific Retail Capital Partners
Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating groups of large open-air centers and enclosed malls, with more than $1.5 billion in retail assets presently under management in the United States. Based in Southern California, PRCP provides end-to-end sourcing, assessment, underwriting, valuing, developing, and asset management of retail real estate with a proven track record of repositioning retail properties. PRCP strategically manages over 10+ million square feet of retail-led properties and open-air lifestyle centers. The Executive team has over 150 years of collective real estate expertise with deep experience in leasing, marketing, operations, design, development, investment, and finance. With a keen focus on enhancing the value and quality of its growing portfolio, PRCP is dedicated to creating a unique, strategic vision for each property and exceeding the highest expectations of retail investors, retailers, and consumers.
Visit us online at: www.pacificretail.com
About Southgate Market
Nestled near the heart of the South Loop in Chicago, IL, Southgate Market is a bustling five-level, 303,000 square foot urban destination featuring an eclectic mix of retail, fast-casual dining, grocery, fitness and medical offices. Onsite you’ll find major chains such as Whole Foods Market, Starbucks, PetSmart, Marshall’s, LA Fitness, Michael’s, Panera and DSW, along with award-winning University of Chicago Medicine professional offices. The mixed-use center serves the hot, new and rapidly growing residential neighborhoods of the South Loop, Little Italy and University Village in Chicago as well as an exploding daytime population.
Visit us online at www.southgatemarketchi.com