PHILADELPHIA, Aug. 20,
2018 /PRNewswire/ -- PREIT (NYSE: PEI) today unveiled a series of
milestones in the high-impact redevelopment of Woodland Mall,
further strengthening the already dominant asset in the
Grand Rapids, MI market and
redefining the shopping experience for consumers.
Bringing New Retailers to the Market
Construction has
commenced on first-to-portfolio retailer Von Maur, which will occupy 90,000 square
feet in the former Sears footprint. This location will be the
high-end department store's first in the region, with an
anticipated October 2019 opening, and
will join a series of other new-to-portfolio and new-to-market
retailers at the mall. Urban Outfitters, offering an
experiential retail environment combined with an assortment of
women's, men's, accessories and home products, will debut its first
store in the market when the expansion wing opens in October
2019. The highly-coveted specialty outdoor retailer,
REI, will open in a 20,000 square-foot store in May 2019. And this October, the mall will welcome
the fast growing women's fashion retailer Altar'd State in
5,500 square feet.
Elevating the Dining Experience
As part of PREIT's effort to deliver new and unique uses to the
mall, a lease has been executed with Black Rock Bar &
Grill, a new experiential dining offering slated to open with
the mall expansion in October 2019.
The first-to-market restaurant offers an immersive
experience, in which guests sear their selection of meat or seafood
on hot volcanic granite directly at their tables.
"We're committed to making strategic investments that enhance
our properties and solidify their presence as premier retail,
dining and entertainment destinations," said Joseph F. Coradino, CEO of PREIT. "The
redevelopment of Woodland Mall exemplifies the successful results
of this strategy: a thoughtful curation of innovative and in-demand
tenants that will increase traffic, drive sales and meaningfully
reimagine how shoppers experience the mall."
In addition to these new retail offerings, PREIT has continued
to evolve the retail mix at the mall, having delivered new and
upgraded store prototypes from key retailers including Apple and
LUSH and recent new store introductions Vans, Shoe Dept. Encore, J.
Jill and Torrid. Hollister and Victoria's
Secret will also be renovating their stores into their latest
prototype. Victoria's Secret will open its new prototype
store alongside its popular PINK brand.
Woodland Mall is the dominant shopping center in Western Michigan, well-positioned to capture
the high-income communities in the region. The mall features an
exclusive line-up of dynamic tenants, including Apple, Pottery
Barn, The North Face, Williams-Sonoma, Dry Goods, H&M and
Forever 21 along with several dining establishments and a movie
theater.
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 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 & Communications
(215) 454-1241
heather.crowell@preit.com
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