PHILADELPHIA, Feb. 9, 2017 /PRNewswire/ -- Earlier this year, PREIT (NYSE: PEI) announced it had reached agreement with Sears to recapture three stores, Capital City, Woodland and Magnolia Malls. The Company has executed leases for all three of these locations as part of a continued portfolio improvement effort. The following details relate to the extensive Woodland Mall repositioning plans.
Von Maur is a first-to-portfolio retailer for PREIT and the brand's 90,000 square foot store will be its first location in the Grand Rapids region. The addition of this sought after retailer will complement the existing high-quality roster of tenants at Woodland Mall – including Apple, Lush, North Face and Pottery Barn among others – and meet the retail demand of the strong shopper demographics of the region. Woodland Mall's proximity to the high socio-economic communities of Ada, Cascade and East Grand Rapids drives strong retailer and shopper demand. The addition of Von Maur and PREIT's strategic investment in the redevelopment will attract new and dynamic merchants to diversify the tenant roster and drive traffic to the property.
Von Maur, along with an array of high-quality retail in enclosed small shop space, and 30,000 square feet of quality polished casual restaurants, will join the roster in 2019, strengthening this top tier asset. The newly established dining options will leverage the area's busy 28th Street corridor, creating a bustling collection of destination dining establishments for visitors to enjoy. Paving the way for this redevelopment, PREIT acquired Sears' 313,000 square feet store which is set to close in March 2017.
Founded 145 years ago in downtown Davenport, Iowa, Von Maur currently operates 31 stores in 14 states. The family-owned company is known for its outstanding selection of brand name and specialty apparel, shoes, accessories and gifts, and features products from leading brands such as Eileen Fisher, Free People, Coach, Joe's Jeans and Tommy Bahama, among many others. Von Maur is also widely-regarded for its superior customer service, including an interest-free charge card, liberal return policy, free gift wrapping and shipping services.
"We are excited to have executed leases for all three Sears stores we recaptured. The redevelopment of Woodland Mall is an incredible opportunity to allocate capital to fortify one of the strongest assets in our portfolio," said Joseph F. Coradino, CEO of PREIT. "Through the recapture of Sears and signing of Von Maur, we're proactively reducing our exposure to select department stores, while simultaneously offering exclusive, high-quality retail and dining experiences that will continue to fuel traffic and strong sales at the property. The initiative will solidify Woodland Mall's place as the premier retail and entertainment destination in Grand Rapids, while creating tremendous value at the property by growing NOI and driving meaningful traffic and sales."
"Woodland Mall represents the ideal addition to our existing stores in Michigan," said Jim von Maur, president of Von Maur. "We are excited to grow our loyal customer base by providing a high level of service and a unique assortment of merchandise. We look forward to becoming a premier shopping destination in Grand Rapids for years to come."
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.
SVP, Corporate Communications and Investor Relations
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