New retailers joining PREIT in Philadelphia
Leasing activity has been brisk throughout spring and summer 2011 at shopping centers owned and managed by Pennsylvania Real Estate Investment Trust Nearly half a million square feet of leasable space was signed or opened across its mall portfolio since the end of April.
Key transactions include the reconfiguration of space formerly occupied by Strawbridge's at Willow Grove Park in Willow Grove, Pennsylvania, to include executed leases with jcpenney, Nordstrom Rack, Bravo Cucina Italiana and Forever 21. The combined transactions solidify PREIT's fashion-oriented merchandising strategy for the successful suburban Philadelphia shopping center.
Dining is driving several of the new leases. Chef Bobby Flay's Bobby's Burger Palace and Grande Lux Café by The Cheesecake Factory will open locations at Cherry Hill Mall in Cherry Hill, New Jersey, further broadening the destination dining opportunities at PREIT's recently redeveloped showpiece property. Osteria Duo, owned and operated by award winning Catelli Restaurant Group, is on board to open at PREIT's premier mixed use project, Voorhees Town Center in Voorhees, New Jersey. Red Robin Gourmet Burger opened at Francis Scott Key Mall in Frederick, Maryland and Texas Roadhouse is coming to Valley View Mall in Lacrosse, Wisconsin. Several additional restaurants, fast casual dining, and food tenants were signed or opened throughout the portfolio during the three month period.
Established national retailers continue to add locations in PREIT malls. Michael Kors and True Religion Brand Jeans will arrive at Cherry Hill Mall this fall. Jos. A. Bank opened at Willow Grove Park and opens soon at Gadsden Mall in Gadsden, Alabama.
PREIT's strategy to bring emerging national, regional and local retail concepts to its shopping centers remains active, highlighted by Gymboree's new concept, Crazy 8, and Apricot Lane at Patrick Henry Mall in Newport News, Virginia; Francesca's Collection at Woodland Mall in Grand Rapids, Michigan; Altar'd State at Wiregrass Commons in Dothan, Alabama; and Charleston Chocolates at Magnolia Mall in Florence, South Carolina.
Nontraditional uses headlined by the openings of the municipal offices of Voorhees Township at Voorhees Town Center and the National Entrepreneur Center, a Walt Disney Company backed resource center for small businesses, which relocated to Orlando Fashion Square in Orlando, Florida, complement the retail mix and consumer experience in select PREIT centers.
“Our malls have experienced sales growth for the past six consecutive quarters,” said Joseph F. Coradino, President of PREIT Services LLC and PREIT-RUBIN, Inc. “The sales momentum is motivating retail interest across all categories and will serve as a platform for future growth.”
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company's portfolio consists of 49 properties, including 38 shopping malls, eight strip and power centers, and three development properties. The Company's properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 33 million total square feet of space.
Pennsylvania Real Estate Investment Trust