New operator plans to 'reinvigorate' Independence Center

Independence Center
Posted at 4:07 PM, Feb 16, 2018

INDEPENDENCE, Mo. — Pacific Retail Capital Partners will be the new operator of the Independence Center, according to a news release from the company. 

“We plan to reinvigorate Independence Center,” said Najla Kayyem, senior vice president of marketing for Pacific Retail Capital Partners, in the news release. “We have a reputation for improving assets and creating a unique strategic vision for each property we manage. We plan to bring back community engagement events and focus on leasing and localization to increase occupancy and attract the best mix of tenants to the space.”

The news release said the company’s first steps include hiring additional full-time staff, coordinating an event calendar with community partners and “enhancing” the specialty leasing program. 

The 1 million-square-foot facility opened in 1974 but struggled in recent years. Tripp, a firm that specializes in researching commercial mortgage-backed securities, announced earlier this month that the mall was headed for a foreclosure sale. 

The Senior Managing Director of Trepp, Manus Clancy, said, “$200 million in debt for the Independence Mall was due in July 2017 but was not paid off.”

Independence Center is only one of two remaining indoor malls in the Kansas City metro area.