PHILADELPHIA, May 14, 2018 /PRNewswire/ -- PREIT (NYSE: PEI) today highlighted the achievement of significant milestones in the broad-based transformation at Mall at Prince Georges (MPG) with the recent grand opening of ULTA Beauty, following swiftly on the heels of the much-anticipated opening of DSW and execution of a lease for the final space in the quick service restaurant lineup, &pizza. ULTA Beauty, the high-performing cosmetics retailer, joins the property as a part of the $30 million investment to reshape the customer experience through a combination of remerchandising efforts and curb appeal enhancements. In an effort to cement MPG's place in the evolving Washington DC metro market, PREIT has attracted sought-after retail and dining venues and enhanced the aesthetics of the highly-trafficked destination.
In addition to redefining the mall's mix of tenants, PREIT has enhanced common area elements and new exterior entrances. Interior renovations include new ceilings, lighting, soft seating and food court upgrades, with new high-top tables incorporating charging stations. With more natural wood and a modern vibe, the new enhancements offer a brighter and welcoming environment for MPG shoppers. The new string of fast casual restaurants, complete with the recently executed &pizza, along the mall exterior will also support increased traffic and enhance curb appeal.
Enhanced Retail and Dining Offerings
Servicing a dynamic and densely-populated market, a diverse tenant mix was imperative, with a focus on delivering value and freshness. The mall's high-impact redevelopment kicked off in 2016 with the addition of H&M and has since continued with a robust series of renovations and remerchandising efforts, inclusive of both new or relocated and revitalized tenants. When complete, two-thirds of the non-anchor space will feature new storefronts for a variety of retail and dining concepts across diversified segments.
The new tenants will activate the property with a blend of hot retail segments, including fast-fashion, off-price, beauty, and health & wellness. &pizza joins a quick service dining lineup that includes: Mezeh Meditteranean, Chipotle, Five Guys and Golden Krust Caribbean Bakery.
New tenants at the property include:
"The redefined shopping experience we've created at MPG reflects the power of PREIT's portfolio and highlights our success in strategic remerchandising and redevelopment initiatives to bring best-in-class concepts to our properties," said Joseph F. Coradino, CEO of PREIT. "With a diverse mix of tenants across retail, dining and experiential, MPG continues to be a stand-out property in our portfolio with sales of $513 per square foot, exhibiting 6% growth before many of these additions have opened. This redevelopment is further bolstering an already strong asset in a core market and will drive increased value to our shoppers, tenants and shareholders."
Located just outside of Washington DC in densely populated Hyattsville, MD, MPG is surrounded by a growing trade area where household incomes exceed the US average by over 15 percent. In addition, nearly $1 billion has been invested in the region over the past several years on high quality housing and office development, underscoring the immense potential for a growing shopper community. With strong demographics and high demand for retail, the renovations will ultimately further differentiate MPG in the market and solidify its position as a vibrant retail and dining destination in the region.
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, 2017 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.
SVP, Strategy and Communications