PHILADELPHIA, May 14, 2018 /PRNewswire/ -- PREIT (NYSE: PEI)
today highlighted the achievement of significant milestones in the
broad-based transformation at Mall at Prince Georges (MPG) with the
recent grand opening of ULTA Beauty, following swiftly on the heels
of the much-anticipated opening of DSW and execution of a lease for
the final space in the quick service restaurant lineup, &pizza.
ULTA Beauty, the high-performing cosmetics retailer, joins the
property as a part of the $30 million
investment to reshape the customer experience through a combination
of remerchandising efforts and curb appeal enhancements. In an
effort to cement MPG's place in the evolving Washington DC metro market, PREIT has
attracted sought-after retail and dining venues and enhanced the
aesthetics of the highly-trafficked destination.
In addition to redefining the mall's mix of tenants, PREIT has
enhanced common area elements and new exterior entrances. Interior
renovations include new ceilings, lighting, soft seating and food
court upgrades, with new high-top tables incorporating charging
stations. With more natural wood and a modern vibe, the new
enhancements offer a brighter and welcoming environment for MPG
shoppers. The new string of fast casual restaurants, complete with
the recently executed &pizza, along the mall exterior will also
support increased traffic and enhance curb appeal.
Enhanced Retail and Dining Offerings
Servicing a
dynamic and densely-populated market, a diverse tenant mix was
imperative, with a focus on delivering value and freshness. The
mall's high-impact redevelopment kicked off in 2016 with the
addition of H&M and has since continued with a robust series of
renovations and remerchandising efforts, inclusive of both new or
relocated and revitalized tenants. When complete, two-thirds of the
non-anchor space will feature new storefronts for a variety of
retail and dining concepts across diversified segments.
The new tenants will activate the property with a blend of hot
retail segments, including fast-fashion, off-price, beauty, and
health & wellness. &pizza joins a quick service dining
lineup that includes: Mezeh Meditteranean, Chipotle, Five Guys and
Golden Krust Caribbean Bakery.
New tenants at the property include:
"The redefined shopping experience we've created at MPG reflects
the power of PREIT's portfolio and highlights our success in
strategic remerchandising and redevelopment initiatives to bring
best-in-class concepts to our properties," said Joseph F. Coradino, CEO of PREIT. "With a
diverse mix of tenants across retail, dining and experiential, MPG
continues to be a stand-out property in our portfolio with sales of
$513 per square foot, exhibiting 6%
growth before many of these additions have opened. This
redevelopment is further bolstering an already strong asset in a
core market and will drive increased value to our shoppers, tenants
and shareholders."
Located just outside of Washington
DC in densely populated Hyattsville, MD, MPG is surrounded by a
growing trade area where household incomes exceed the US average by
over 15 percent. In addition, nearly $1
billion has been invested in the region over the past
several years on high quality housing and office development,
underscoring the immense potential for a growing shopper community.
With strong demographics and high demand for retail, the
renovations will ultimately further differentiate MPG in the market
and solidify its position as a vibrant retail and dining
destination in the region.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust
that owns and manages quality properties in compelling markets.
PREIT's robust portfolio of carefully curated retail and lifestyle
offerings mixed with destination dining and entertainment
experiences are located primarily in the densely populated 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.
Forward Looking Statements
This press release contains certain forward-looking statements that
can be identified by the use of words such as "anticipate,"
"believe," "estimate," "expect," "project," "intend," "may" or
similar expressions. Forward-looking statements relate to
expectations, beliefs, projections, future plans, strategies,
anticipated events, trends and other matters that are not
historical facts. These forward-looking statements reflect our
current views about future events, achievements or results and are
subject to risks, uncertainties and changes in circumstances that
might cause future events, achievements or results to differ
materially from those expressed or implied by the forward-looking
statements. In particular, our business might be materially and
adversely affected by changes in the retail and real estate
industries, including consolidation and store closings,
particularly among anchor tenants; current economic conditions and
the corresponding effects on tenant business performance,
prospects, solvency and leasing decisions; our inability to collect
rent due to the bankruptcy or insolvency of tenants or otherwise;
our ability to maintain and increase property occupancy, sales and
rental rates; increases in operating costs that cannot be passed on
to tenants; the effects of online shopping and other uses of
technology on our retail tenants; risks related to our development
and redevelopment activities, including delays, cost overruns and
our inability to reach projected occupancy or rental rates; acts of
violence at malls, including our properties, or at other similar
spaces, and the potential effect on traffic and sales; our ability
to sell properties that we seek to dispose of or our ability to
obtain prices we seek; our substantial debt and the liquidation
preference of our preferred shares and our high leverage ratio; our
ability to refinance our existing indebtedness when it matures, on
favorable terms or at all; our ability to raise capital, including
through sales of properties or interests in properties and through
the issuance of equity or equity-related securities if market
conditions are favorable; and potential dilution from any capital
raising transactions or other equity issuances.
Additional factors that might cause future events, achievements
or results to differ materially from those expressed or implied by
our forward-looking statements include those discussed herein and
in our Annual Report on Form 10-K for the year ended December 31, 2017 in the section entitled "Item
1A. Risk Factors." We do not intend to update or revise any
forward-looking statements to reflect new information, future
events or otherwise.
CONTACT:
Heather
Crowell
SVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/preit-redefines-shopper-experience-with-robust-remerchandising-and-beautification-of-dc-powerhouse-asset--mpg-300647239.html
SOURCE PREIT