PREIT Continues Proactive Anchor Redevelopment Initiative With Opening of Burlington at Magnolia Mall
New-to-region retailer marks another key milestone in enhancing and diversifying tenant mix
Philadelphia, PA, September 21, 2017 – PREIT (NYSE: PEI) announces the grand opening of a 46,000 square foot Burlington at Magnolia Mall in Florence, SC as part of the Company’s continued success in enhancing its anchor mix. The national off-price retailer, which will be joined by Five Below and HomeGoods in Spring 2018, is opening Friday in space formerly occupied by Sears, which was proactively recaptured by PREIT. In so doing, the Company has fully leased the box in less than nine months. This tenant represents the fourth of six stores opening in former department store boxes this year for PREIT.
Complementing Burlington in the value retail category, a 20,000-square foot HomeGoods and 8,500-square foot Five Below and – both first to region retailers – will open in Spring 2018. As a further enhancement to its tenant roster, Magnolia Mall is also welcoming a 20,000-square foot H&M to the property, slated to open in 2018. As both the value retail and fast fashion segments continue to gain market share, the addition of these retailers will meet the demands of local shoppers and strengthen the property’s position within the marketplace.
The diversity and quality of our tenants is a priority across our entire portfolio of properties, and new anchors are a critical focus area in ensuring an attractive and differentiated environment for our shoppers. At Magnolia Mall, the addition of these in-demand retailers and entertainment offerings will attract additional shoppers and welcome them to an enhanced mall experience.
Given its proximity to the I-95 and I-20 highways, Florence is a highly-trafficked stop for travelers between the Northeast Corridor and Florida – with nearly a dozen hotels and 1,000 rooms located adjacent to Magnolia Mall. This travel destination, alongside a strong regional economy, has supported the growth of the mall from $388 sales per square feet as of December 31, 2015 to $429 as of June 30, 2017.
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.