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The Bridgewater Commons lost its Lord & Taylor when the storied department store stopped doing business in 2021. Later, the space temporarily served as a COVID-19 mega-testing site. But now it’s just another vacancy at the mall. That’s all set to change.

Pacific Retail Capital Partners announced May 15 it entered the New Jersey market with its acquisition of the 1.2 million-square-foot property and the adjacent The Village at Bridgewater Commons, a 94,000-square-foot open air shopping center.

Financial terms of the deal were not disclosed. However, PRCP said it assumed Bridgewater Commons’ existing loan along with an extension that will allow the company to execute its plan—to transform the property into a “vibrant mixed-use destination.”

PRCP Chief Financial Officer Oscar Parra described the deal as a perfect example of how the firm leverages industry relationships and know-how “to identify investment opportunities that we are uniquely positioned to execute on.”

“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,” he said in a statement.

The company said it is committed to working with local officials and community members to revitalize the destination, which celebrates its 35th anniversary this year.

“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,” Mayor Matthew Moench said in a statement to NJBIZ. “I am confident that a collaborative relationship will help to ensure the Mall’s viability for the next 30 years and beyond.”

In December, the township passed an ordinance to amend the types of business allowed in the Bridgewater Regional Center Zone, expanding permitted uses at the  Commons to include “establishments for games, entertainment and/or amusement.” Such establishments, per the ordinance, are limited to an aggregate combined gross leasable area of 90,000 square feet — the same minimum square footage the existing ordinance allowed for the “major department stores” at the regional shopping center.

According to the measure, the request was made by the owner of the mall, and it will serve to “help attract and maintain tenants and merchants that will serve residents and support the local economy.”

At previous council meetings, Moench had said the amendment could clear the way for a Top Golf or Dave & Buster’s, according to reports.

PRCP said it has significant experience in repositioning large format, retail-led properties into high-performing, multiuse assets. In the region, that includes the “Best Mall of Long Island,” Broadway Commons. Its master-planned projects are executed via a vertically integrated platform. The company said it works closely with various stakeholders throughout the process to secure necessary approvals in a timely and cost-efficient manner.

“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,” Steve Plenge, chief executive officer of PRCP, said in a statement.

Located in Somerset County, the property is nearly adjacent to Interstates 287 and 78, along with Routes 22, 28, 202 and 206. Last year, a study from SmartAsset named the county the wealthiest in New Jersey. According to U.S. Census Bureau data, its median household income is more than $121,000; in Bridgewater, it’s over $142,000.

In his remarks, Plenge cited the Commons as an example of the kinds of properties the company is seeking to acquire.

“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,” he said.

Many shopping malls are looking to buck conventional thinking when it comes to attracting visitors in the 21st century, with some adding experiences to the roster beyond traditional retailers.

According to a spokesperson for Bridgewater Commons, together the mall and adjacent Village property were 91% occupied as of the end of 2022 and the current property management team will stay in place at the properties.