PREIT Adds Sought After Tenants to Premier Malls
First-to-portfolio and First-to-Market tenants joining stellar lineups
PHILADELPHIA, March 18, 2015 /PRNewswire/ -- PREIT (NYSE: PEI) today announced the signing of several key leases for new tenants at the following premier malls:
- Cherry Hill Mall, Cherry Hill, N.J.: lululemon athletica; Tumi, e.l.f. studio
- Willow Grove Park, Willow Grove, PA: Primark (opening 2016)
- Woodland Mall, Grand Rapids, MI: Garage
These new tenants complement other recent additions to these properties including:
- UNIQLO at Cherry Hill Mall and Willow Grove Park
- Michael Kors at Willow Grove Park
- Vera Bradley at Cherry Hill Mall and Willow Grove Park
"We have been successful in our strategic plan to enhance the shopping experience by delivering sought after national and first-to-portfolio and first-to-market retailers," said Joseph F. Coradino, CEO of PREIT. "As we continue our portfolio transformation, we expect to deliver more key brands that drive traffic and sales to our properties."
Cherry Hill Mall, located eight miles from Philadelphia, serves as the dominant shopping center in densely populated southern suburban New Jersey, with a tenant mix consisting of high-end retailers and restaurants. With the additions of e.l.f studio, lululemon athletica and Tumi this year and UNIQLO and Vera Bradley late last year, Cherry Hill Mall continues its tradition of attracting new tenants to the PREIT portfolio.
At Willow Grove Park Mall in Willow Grove, PA, Sears recently announced the planned opening of Primark in a portion of its space on the 2nd and 3rd levels of the mall. The announcement comes as part of Primark's rollout in the Northeastern United States. Last year, Willow Grove Park continued to improve its merchandise offerings through the addition of Michael Kors and UNIQLO, who opened two stores in PREIT malls as part of its four-store expansion into Philadelphia.
Canadian-based retailer Garage will join Woodland Mall, a premier mall located in western Michigan that features many stores' exclusive Western Michigan presence. Garage will supplement the mall's diverse, high-end tenant mix while catering to the younger, fashion-savvy shopper. Key stores Vera Bradley and Lush Fresh Handmade Cosmetics opened in 2014.
PREIT's six premier malls contributed 38.2% of its same store mall NOI and generated sales per square foot of $543 as of December 31, 2014. The continued merchandise upgrades are a direct result of the Company's effort to improve the quality of its portfolio.
About PREIT
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates 29 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.
CONTACT: AT THE COMPANY
Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
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SOURCE PREIT
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