Bridgewater Commons Sold, To Transform Into 'Vibrant Mixed-Use Destination'

BRIDGEWATER, NJ — After 35 years, the Bridgewater Commons mall will soon be undergoing a huge transformation following the sale of its property.

Bridgewater Commons announced on Monday that it is entering a new era with its acquisition by Pacific Retail Capital Partners (PRCP) – one of the nation’s premier owner/operators of open-air lifestyle and mixed-use centers.

The sale included the 1.2 million square foot mall located in Bridgewater along with The Village at Bridgewater Commons, a 94,000 square foot open-air shopping district adjacent to Bridgewater Commons.

As part of the transaction, PRCP is assuming Bridgewater Commons' existing loan and got an extension that will give the company time to execute its plan to "transform the mall into a vibrant mixed-use destination."

The sale comes five months after the Township Council passed an ordinance allowing establishments for games, entertainment, and/or amusement to be added at the mall. Read More: Games, Entertainment, Amusement To Be Added Uses At Bridgewater Mall

"The Bridgewater Commons Mall has been the centerpiece on Bridgewater’s commercial sector for over 30 years and the Township looks forward to working with its new owners," said Bridgewater Mayor Matthew Moench. "I am confident that a collaborative relationship will help to ensure the Mall’s viability for the next 30 years and beyond."

PRCP said in a release that they will be working closely with local officials and community members in order to help revitalize Bridgewater Commons and create a destination that will continue to be an anchor for the market for years to come.

"The acquisition of Bridgewater Commons represents another important step in our ongoing efforts to acquire well-located, quality retail centers in fundamentally strong markets that will enable us to thoughtfully evolve them into market-leading mixed-use assets," said Steve Plenge, Chief Executive Officer of PRCP. "While we will continue to pursue strategic joint ventures and other partnership structures to execute our long-term strategy, we will also seek to own more properties outright, such as Bridgewater Commons, providing us with even greater optionality when it comes to repositioning and monetizing assets."

A representative with Bridgewater Commons says the mall isn’t going anywhere.

"The current team remains in place, and the sale will have no impact on day-to-day operations and programming, including the Community Hub 2.0 events and local operations. Bridgewater Commons will continue to be a gathering place for all, and the center’s leadership will continue to meet with and support local leaders," said Debra Hazel.

Hazel added that PRCP owns more than 20 properties overall, including three in the northeast: the Galleria at White Plains, which is in the very early stages of a massive redesign and repositioning that will make it one of the largest mall redeveloping projects in the entire U.S.; Broadway Commons in Long Island; Colonie Center in Albany and Solomon Pond Mall outside of Boston. It also is in the midst of converting the former Carson’s anchor box at Yorktown Center just outside of Chicago into a vibrant, mixed-use destination.

"This transaction is a perfect example of how we are able to use our industry relationships and expertise to identify investment opportunities that we are uniquely positioned to execute on," said Oscar Parra, Chief Financial Officer of PRCP. "The way we were able to structure this transaction together with Bridgewater Commons’ existing cash flow provides us with the time and resources required to deliver a well-conceived master plan."

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