Pacific Retail Capital Partners (PRCP) and Aareal Bank, owner of The Galleria at White Plains, N.Y., have formed a new joint venture partnership with SL Green Realty Corp. and the Cappelli Organization.
The Galleria, which opened in 1980, consists of about 10 acres in a Qualified Opportunity Zone in downtown White Plains next to a major mass-transit hub of Metro-North. The area is enjoying a renaissance that has transformed it during the past decade. High-rise residential towers have drawn thousands of new residents. The 870,000-square-foot mall has become a focal point in completing the reimagination of downtown.
“This is one of the most exciting mixed-use development sites in the New York Metro Area," said Steve Plenge, CEO of PRCP. "We have worked over the past few years to acquire the Macy's fee interest at the site, along with the leasehold interest of the former Sears. Working with our new partners, we will reimagine the site as a vibrant mixed-use project that
