PHILADELPHIA, Jan. 17,
2019 /PRNewswire/ -- PREIT (NYSE: PEI) today announced
the completion of key leasing of the former Macy's box at
Moorestown Mall, executing a lease with Michaels, which will
occupy 25,000 square feet of space, offering arts, crafts, framing,
floral, wall décor and seasonal merchandise for do-it-yourselfers
of all ages. Michaels will join HomeSense, Five Below and
Sierra Trading Post in the former Macy's location, creating a
diverse and compelling retail mix reflective of the new mall
platform. Michaels is expected to open in late 2019, marking
another milestone in redefining the property experience.
Complementing the recently opened anchor stores, are new dining
experiences: Hash House A Go Go and Joe Italiano's Maplewood. The new-to-market tenants will
complement the existing dining options and will deliver appealing
offerings in the Moorestown
community. The opening of these restaurants further supports
PREIT's efforts to reimagine the mall experience and provide a
variety of experiential options for shoppers.
Opening its doors today, Hash House A Go Go occupies a
7,800-square-foot space offering locally sourced farm-fresh food
with a funky, modern twist. The restaurant will serve breakfast,
brunch, lunch and dinner daily and its large bar will host a
vibrant happy hour scene featuring local beers and famous signature
cocktails. This is the first Hash House A Go Go location to open in
the region and in PREIT's portfolio.
South Jersey favorite, Joe
Italiano's Maplewood, a
family-owned Italian restaurant for nearly 75 years with locations
in Hammonton and Mays Landing, N.J. and recently touting the
2018 Best Italian Restaurant Gold Award from Press of Atlantic City's Best of the Press, also
recently opened. The Moorestown
location occupies 8,600 square feet of space and will put a
fresh face on its menu with a creative array of brick-oven options
including, pasta with meatballs and Maplewood unique red sauce, a.k.a.
"gravy."
"The changes we have made at Moorestown Mall are reflective of
our efforts to create diverse retail and social experiences at our
properties, transforming the mall model," said Joseph Coradino, CEO of PREIT. "The continued
remerchandising and strengthening of our properties lay a
foundation that will satisfy the demands of the community and set
the stage for continued growth."
Moorestown Mall is home to a unique mix of tenants including
award-winning Rizzieri salon and spa, Orangetheory Fitness, Yard
House, Regal Cinemas, Firebirds Wood Fired Grill and Harvest
Seasonal generating over $25 million
in dining and entertainment sales and popular retail brands
including H&M, Express, Foot Locker, Hollister,
Victoria's Secret and many others.
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
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