PHILADELPHIA, July 19, 2017 /PRNewswire/ -- PREIT (NYSE:
PEI) today announced the addition of 80,000 square feet of new
experiences to its portfolio of properties. Continuing to
curate a mix of retail and experiential offerings is central to
PREIT's strategy going forward. Non-anchor space in PREIT's
portfolio dedicated to dining and entertainment has increased by
36% since 2012. Including executed leases, nearly 19% of space in
the portfolio is currently committed to these destination users and
is expected to continue to grow.
PREIT recently executed leases with All In Adventures for escape
room additions at three of its properties – Willow Grove Park, Viewmont and Magnolia Malls.
All In Adventures offers an experience for all ages in which
teams are in a themed room for 50 minutes and must find clues,
solve puzzles and decipher hidden codes to Escape The Mystery
Room. Visitors are encouraged to reserve the rooms in advance
and the locations will offer corporate team building and party
packages.
At Patrick Henry Mall in Newport News,
Virginia, PREIT has executed a lease with Nickels and Dimes
incorporated for a 21,000 square foot Tilt Studio entertainment
facility. With 10 locations across the country, Tilt Studios
offers a variety of attractions including rides, arcade games,
bowling, black light lazer tag, black light golf and rooms
that can accommodate parties, groups and private events. The
facility is expected to open in the 4th quarter of
2017.
PREIT also executed a lease to expand Dave & Buster's at
Springfield Town Center to over 38,000 square feet, a 15% expansion
of its space, highlighting PREIT's continued effort to diversify
its tenant base. Springfield Town Center, located in a
premier market at a heavily-trafficked interchange, highlights the
continued demand for dining, entertainment and social experiences
in the retail environment. Over $70
million in dining and entertainment sales are currently
generated at the property.
Earlier this year, PREIT announced the addition of a 28,000
square foot Dave & Buster's at Capital City Mall in
Harrisburg, PA and a 14,000 square
foot 5 Wits at Plymouth Meeting Mall. Dave & Buster's
will open at Capital City Mall in Fall 2018, continuing a property
remerchandising strategy that includes the addition of DICK's
Sporting Goods later this year. 5 Wits will continue the
transformation of Plymouth Meeting Mall into a destination for
unique experiences when it opens later this year. LEGOLAND
Discovery Center and Cyclebar opened at Plymouth Meeting Mall in
April of this year.
"Creating a diverse tenant mix is a key tenet at PREIT in this
rapidly-changing retail climate," said Joseph F. Coradino, CEO of PREIT. "PREIT has
long been transforming the traditional mall model, having added
over 1 million square feet of dining, entertainment, health and
wellness, fast fashion and off price tenants, an increase of more
than 70% of space committed to these tenants in five
years. The new concepts we are adding strengthen the
appeal of our properties and will continue to drive new customers
to our doors."
According to PREIT's 2016 Shopper Survey, 78% of 18-24 year olds
like to shop around and do other things like dine, see a movie or
socialize while at the mall, illustrating the importance of
offering consumers experiences beyond retail in the mall
environment.
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