Pacific Retail Capital Partners Signs Over 1.4 Million Square Feet of New Leases in First Half of 2023

Welcomes former Simon Property Group senior-level leasing official Rocky McMurtray as Regional Vice President of Leasing

LOS ANGELES--(BUSINESS WIRE)--Pacific Retail Capital Partners (“PRCP” or the “Company”), one of the nation’s leading retail real estate development, investment, management and advisory firms focused exclusively on evolving retail-led real estate, today announced that from January 1, 2023, to June 30, 2023, it signed more than 1.4 million square feet of new leases. The agreements, which include a combination of new leases and renewals, reflect the significant value that nationally recognized and up-and-coming brands see in partnering with PRCP and being part of its mission to evolve real estate for the next generation.

The new leases and renewals encompass national, regional and local retailers spanning multiple industries, including grocery and necessity, dining and entertainment, fashion and apparel, experiential and specialty, as well as off-price and discount. Some of the brands that PRCP has signed agreements with include an upscale grocer, a leading dining and entertainment concept, a national American steakhouse, a children’s adventure store, an in-demand off-price retailer and a popular and rapidly growing burger chain, among others.

“We are very proud of our leasing efforts for the first half of 2023 and the success we had in attracting new tenants to our properties, as well as executing several renewals with our existing retailers,” stated Steve Cassella, Executive Vice President of Leasing for PRCP. “This activity demonstrates the appeal of our platform and signifies that by having the right strategy in place and reinforcing institutional-quality best practices, malls remain a popular choice for brands of all types. Our portfolio continues to stand out because of the thoughtful and purposeful approach we take to putting together a master plan that allows our customers to shop, dine or be entertained on their terms.”

In addition to the impressive leasing volume that took place in the first six months of 2023, PRCP is also pleased to share that Rocky McMurtray, a former senior-level leasing official with Simon Property Group, with over 20 years of leasing experience in all types of retail real estate, has joined the Company as Regional Vice President of Leasing. McMurtray will report to Cassella and will be responsible for working with PRCP’s regional teams to drive leasing activity across the Company’s portfolio.

Cassella commented, “I am thrilled to add Rocky to our leasing team. Rocky is widely known and well respected within the industry, and he will be instrumental in helping us broaden our network of retail partners. He has experience working across regions throughout the country and, as a result, has a very good pulse on the retail landscape and the relationships to go with it.”

At Simon, McMurtray oversaw leasing efforts for a portfolio totaling over 20 million square feet, primarily located in the Midwest and Southeast. During his 12 years at the company, he was involved in over $1 billion in lease transactions. McMurtray also spent time at CenterCal Properties, Westfield, and Federal Realty, including being part of the development team that built Santana Row in Silicon Valley, a ground-breaking project that included retail, hotel, office, and 1,200 residential units. He holds a degree from James Madison University and has been a member of ICSC for more than 20 years.

“I am excited to join a company that is shaping the future of retail as we know it in PRCP, especially at a time when it is experiencing really strong leasing success,” McMurtray said. “The fact the Company has been able to sign over 1.4 million square feet of leases in this very challenging market environment reflects the quality of our existing leasing team and the strength of our operating platform. I look forward to leveraging my skillsets and deep network to continue driving leasing activity throughout our portfolio and providing the communities we serve with greater optionality.”

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 $3.0 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.