PHILADELPHIA, July 12, 2017 /PRNewswire/ -- PREIT (NYSE: PEI)
today announced new tenants to accompany Burlington and DICK's Sporting Goods as
replacements for Sears at Magnolia Mall in Florence, South Carolina and Capital City Mall
in Harrisburg, Pennsylvania,
respectively.
At Magnolia Mall, the former department store space is fully
leased. PREIT has executed leases for the 28,500 square foot
remainder portion of the former Sears location – Five Below and an
off-price home furnishings and accessories retailer, both
first-to-region retailers and leaders in the value category, to
join Burlington in the former
Sears box. The 20,000 square foot off-price home furnishings
retailer and the 8,500-square foot Five Below will open in Spring
2018. As the value retail segment continues to grow, these
additions strengthen PREIT's strategy to attract in-demand
retailers and drive foot traffic at its properties. Also at
Magnolia Mall, popular fast fashion retailer H&M will open a
20,000-square foot store in Fall 2017, illustrating PREIT's
continued commitment to diversifying its tenant base and bringing
new-to-market options for its customers. Following this
remerchandising initiative, Magnolia Mall occupancy is forecast to
exceed 99.0%.
At Capital City Mall, PREIT has executed a lease with Fine Wine
& Good Spirits, which will occupy 11,500 square feet and offer
a premium collection of wine and spirits. This transaction is part
of the overall remerchandising of Capital City Mall to continue to
enhance its strong position in the Harrisburg trade area. This tenant will be
adjacent to the new DICK's Sporting Goods, which is currently under
construction, both of which will open this Fall. In 2018, the
region's only Dave & Buster's will also open at the property,
adding a sought-after casual dining and entertainment
component.
"We are pleased to announce another step toward our goal of
having all of our department store inventory leased by year end,"
said Joseph F. Coradino, CEO of
PREIT. "The demand for these former department store spaces from an
array of retailers demonstrates the high-quality, market dominant
characteristics of PREIT's portfolio which will allow us to
continue to enhance our properties and drive strong financial
returns from our redevelopment program."
About PREIT
PREIT (NYSE:PEI) is a publicly
traded real estate investment trust that owns and manages quality
properties in compelling markets. PREIT's 23 million square
feet of carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in the eastern U.S. with concentrations in the
mid-Atlantic's top MSAs. Since 2012, the company has driven a
transformation guided by an emphasis on portfolio quality and
balance sheet strength driven by disciplined capital expenditures.
Additional information is available at www.preit.com or on Twitter
or LinkedIn.
CONTACT:
Heather
Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT