PHILADELPHIA, June 19, 2019 /PRNewswire/
-- PREIT (NYSE: PEI) today announced Burlington as the lead replacement for Sears
at Dartmouth Mall in North Dartmouth,
MA following the Company's proactive recapture of the store.
PREIT is in discussions with other large format retailers to
complement Burlington. This strategic remerchandising is
another key milestone in PREIT's anchor repositioning efforts to
elevate its portfolio with differentiated and high-quality concepts
that will increase traffic and sales. With no unleased department
stores in its core mall portfolio, PREIT has replaced 13 department
stores in 3 years in an active core portfolio of 18 properties,
defining the Company as the most successful landlord in navigating
recent retail disruption. In these 13 stores, PREIT welcomes
over 30 new tenants spanning a variety of consumer categories:
off-price, sports & leisure, fitness, arts & crafts, dining
& entertainment, home décor as well as traditional department
stores.
Burlington, the national
off-price retailer, is expected to open in Spring 2020, occupying
43,000 square feet and offering an assortment of modern
high-quality, designer and name-brand merchandise, including a
large selection of coats, clothing, and shoes, as well as various
home décor. As demand for off-price retail continues to gain
popularity among consumers, Burlington joins recent addition Five Below,
providing another new value-oriented offering to consumers at the
mall. Later this year, Hollister and Shoe Show will join the
roster of tenants. Dartmouth Mall continues to be a strong
performer in PREIT's portfolio with sales per square foot
registering at $522 and occupancy of
98.3% as of March 31, 2019.
As part of the reconfiguration and recapture of the Sears space,
PREIT expects to add up to seven freestanding dining and retail
establishments totaling approximately 35,000 square feet,
capitalizing on this highly-visible location.
"Our portfolio in high barrier-to-entry markets boasts no
unleased anchors, strengthened by strategic, targeted redevelopment
initiatives that further improve the quality of our properties and
earnings stream," said Joseph F.
Coradino, CEO of PREIT. "This recent transaction at a
market-dominant property with a well-respected retailer furthers
our mission to enhance the quality of our portfolio."
Dartmouth Mall is the dominant enclosed regional mall within a
30 mile radius in Southeast
Massachusetts – well-located near popular vacation
destinations of Cape Code, MA and Newport, RI. Burlington will be joining a dynamic roster of
tenants including Old Navy, H&M, Forever 21 and Francesca's.
The property also boasts a well-curated mix of dining and
entertainment offerings including Buffalo Wild Wings, Olive Garden
and Panera Bread, and a 12-screen dine and recline AMC Cinema.
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,
2018 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
EVP, Strategy & Communications
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT