Second Horizon Capital reimagines community hubs through strategic investments

Many retail centers are at a crossroads, facing a host of economic and consumer behavior transitions. There is an urgent need for reinvestment in and redevelopment of these properties—to give them new life so they can better serve their surrounding communities. Second Horizon Capital is facing this challenge head-on. The impact investment real estate firm is transforming large-scale, underinvested retail properties into vibrant destinations that thrive and help enhance their local economies.
Since 2022, Second Horizon Capital has brought three properties to JLL for leasing and property management services to help advance each center toward its potential.

Each property had very distinct needs and opportunities:

• Chicago Ridge Mall, Chicago Ridge, IL: This 890,000-square-foot super-regional mall has been a retail staple in the area for decades. Second Horizon Capital saw an opportunity to elevate the center’s management, leasing and community engagement efforts.
• Stony Point Fashion Park, Richmond, VA: Now in early planning phases, JLL is advising on flexible, mixed-use scenarios and pre-leasing strategies for a repositioning that resonates with the local market.
• Park Plaza, Little Rock, AR: This 545,800-square-foot enclosed shopping center historically underperformed its potential due to extended underinvestment. JLL was brought in to stabilize the property and enhance its long-term value.
   

“For Second Horizon Capital, each center is a unique opportunity for reinvestment – to build for our customers, our retailers, and our communities,” says Camilo Varela, Co-Founder and Managing Partner of Second Horizon Capital. “As we bring new focus, new capital, and new resources to help each center achieve its potential, we also look to engage with partners who allow us to focus on our mission of reimaging vibrant community hubs. JLL has been a great partner in that effort.”

When Second Horizon Capital considers potential investments, those with solid infrastructure already in place are prioritized. Chicago Ridge Mall is a well-known center with an expansive and diverse customer base. After Second Horizon Capital’s acquisition of the property in 2024, they retained JLL to build on the property’s strong foundation as a well-leased, well-maintained center and execute a plan for capital improvements.
 

Goals included:

• Attracting an elevated tenant mix to enhance tenancy, traffic and sales.

• Investing in marketing and community engagement to enhance local outcomes and support customer traffic.

• Improving property operations, including a deep focus on center efficiency, upgrading infrastructure, and enhanced sustainability.

At Chicago Ridge Mall, JLL and Second Horizon Capital have been emphasizing focused, high-impact improvements that enhance the customer experience. JLL’s deep institutional knowledge of the property has been a meaningful differentiator, since they had been providing leasing and management services at Chicago Ridge Mall prior to the acquisition.

“We partnered with JLL because they understand the history of the community, the history of the asset, and how it can evolve. They have the right resources to effect change,” says Varela.

Through its partnership with JLL, Second Horizon Capital achieved significant operational, sustainability, and community engagement milestones at Chicago Ridge Mall in just the first year of ownership.

With JLL’s support and expertise, Second Horizon Capital could confidently invest in Chicago Ridge Mall’s core infrastructure—enhancing roofing, HVAC, parking, lighting and wayfinding—while adding new amenities like a new play area and a refreshed holiday set.

Additional highlighted improvements to date include:

• Occupancy increased to 93% from 90% and achieved NOI growth of over 10% since acquisition.

• New tenants such as MINISO, Miss A and Rally House have joined the center while several retailers were upgraded, including Aldi, Sunglass Hut, Akira and others.

• Flourishing community engagement with more than 20 community partnerships and 70 locally-focused events, including the Chicago Ridge Farmers Market, Día de los Muertos and Holiday Posadas, which have helped evolve Chicago Ridge as the vibrant community hub that Second Horizon Capital has at the core of its investment philosophy.

Strategic leasing, dynamic localized events, and efficient property management have allowed Chicago Ridge Mall to take bold steps toward achieving ownership’s financial, operational, and sustainability goals. Energy-efficiency upgrades have delivered measurable reductions in energy use, contributing to a Certified Sustainable Property (CSP) designation from the Institute of Real Estate Management (IREM).

At Stony Point Fashion Park, JLL’s cross-disciplinary team has begun unlocking new value with focused long-term repositioning. And at Park Plaza, plans are underway to enhance and restore Park Plaza as the central retail hub for the Little Rock and Central Arkansas market.

“In JLL, we found a partner who could support our team with extensive management and leasing resources to help achieve our goals. They understand the challenges and opportunities of each center, and how to stabilize and build on each center’s strengths and its specific place in each community.”
 

Howard Levine, Co-Founder and Managing Partner, Second Horizon Capital.