Pacific Castle was founded in 1993 by Wayne Cheng in Irvine, California, with a vision to build a portfolio of high-quality retail properties across the Western United States. The company operates as a privately held real estate investment and management firm specializing in value-add retail assets. Since inception, Pacific Castle has executed transactions exceeding $1 billion, focusing on shopping centers that offer opportunities for repositioning, redevelopment, and lease-up of vacancies.
The firm’s investment strategy targets Class A and B retail properties valued between $10 million and $50 million, primarily in major metropolitan and gateway markets with strong demographics and economic growth. Pacific Castle emphasizes grocery-anchored, regional, power, neighborhood, and lifestyle centers, as well as well-located unanchored or shadow-anchored properties.
Pacific Castle’s portfolio comprises nearly 2 million square feet of retail space concentrated in California and other Western states. Tenant mix typically includes national and regional retailers, with anchor tenants driving traffic. While detailed tenant concentration data is limited, Pacific Castle’s properties often feature grocery chains and service-oriented retailers.
Strategically, Pacific Castle positions itself as a nimble operator capable of unlocking value through hands-on asset management and capital improvements. Its leadership team brings decades of experience in acquisitions, leasing, and property management, enabling the firm to compete effectively in the mid-market retail investment space.
Top Markets Exposure: California (largest), followed by Arizona and Nevada.
Top Tenants: Commonly includes grocery anchors and national retailers; specific names vary by property.
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