PREIT Details Dynamic New Anchor Lineup at Valley Mall Transforming the Retail Experience at the Property
Entertainment experience and fitness facility to complement new fashion anchor, enhancing mall environment and expanding customer selections
PHILADELPHIA, Jan. 4, 2018 /PRNewswire/ -- PREIT (NYSE: PEI) today announced that it will continue the evolution of a key suburban DC asset bringing two new experiential tenants to Valley Mall in Hagerstown, Maryland. Tilt Studio and Onelife Fitness will occupy the former Macy's box in a total of 118,000 square feet, bringing differentiated and sought-after uses to the property. These advancements at the area's dominant regional mall represent PREIT's commitment to cultivating a diversified mall experience, where shoppers will have access to fashion, fitness, fun and food.
Tilt Studio offers a variety of attractions, including rides, bowling, black light laser tag, black light golf, arcade games and space for parties, groups and private events. Tilt Studio will occupy 48,000 square feet at Valley Mall. Tilt currently operates over 40 locations across the country, however this will be one of only 10 Tilt Studio locations.
Onelife Fitness will open its third Maryland location in 70,000 square feet at Valley Mall. Onelife Fitness operates 29 locations today – its clubs are innovative, community-focused, convenient, friendly and affordable, offering vast amenities. The Valley Mall location will feature indoor and outdoor pools – significantly reinventing the traditional mall platform.
Tilt Studio and Onelife Fitness will join Belk, which who will replace the proactively recaptured Bon-Ton store. Belk, which will open October 2018, offers an assortment of national brands and private-label fashion, shoes and accessories for the entire family, along with top-name cosmetics, a wedding registry and southern style for the home.
In addition to these new tenants, PREIT announced the Regal Cinema will perform a remodel of its existing cinema which will include introduction of luxury reclining seats in a stadium seating format and modernized aesthetics.
"The new mix of anchor stores at Valley Mall is another example of PREIT's success in actively reimagining our portfolio as we forge into the new age of retail," said Joseph F. Coradino, CEO of PREIT. "Fitness and entertainment offerings enhance and diversify the mall experience, infusing already dominant properties with expanded value for shoppers."
Valley Mall's dynamic tenant mix includes recently opened retailers H&M, Pandora and Torrid, a movie theatre and several restaurants, catering to nearly 1,000 hotel rooms within a half mile. The property's eclectic lineup of dining and entertainment offerings includes Mission BBQ, Primanti Brothers, Red Robin, Noodles & Co, and Regal Cinemas, the largest stadium seating theater within 25 miles.
Valley Mall is the dominant enclosed regional mall within 30 miles, serving a four state market. The trade area has seen prolonged population growth due to improved highway accessibility to Washington DC and Baltimore coupled with a lower cost of living compared to other metro suburbs. The mall also benefits from its location along the I-81 corridor, a vital north-south route.
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.
CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
[email protected]
SOURCE PREIT
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