Leases executed with beauty & footwear retailers to augment remerchandising efforts
PHILADELPHIA PA, November 14, 2016 – PREIT (NYSE: PEI) announced it has executed leases with two exciting retailers- ULTA Beauty and DSW –as part of its $30 million remerchandising and renovation program at Mall at Prince Georges in suburban Washington, D.C.
An 11,000-square foot ULTA Beauty, the largest beauty retailer in the United States, and a 16,000-square foot DSW location are scheduled to open in the second quarter of 2018. The addition of these in-demand retailers will complement the redevelopment plans for the property, elevating the merchandise mix for shoppers in the region. Earlier this year, PREIT began the property’s remerchandising effort with an executed lease with H&M. The retailer, which will occupy 20,000 square feet, will open in December.
The addition of these high-quality retailers will expand the mall’s appeal within the market and further diversify our tenant mix, driving shopper traffic and serving to attract other in-demand retail, dining and entertainment offerings to create a dynamic shopping experience for regional consumers,” said Joseph F. Coradino, CEO of PREIT. “The property has just begun its transformation into an elevated, vibrant shopping and dining destination commensurate with the development that has occurred in the surrounding area which creates a significant opportunity to densify the property in the future, enhancing the experience between the mall and surrounding developments.
Updated exterior facades and entrances will enhance curb appeal, while interior finishes will be updated to create a bright, modern welcoming environment. Renovations are slated to begin early next year and be completed in advance of the 2017 holiday season. When the remerchandising is complete in 2018, 73 percent of non-anchor space will feature new storefronts, inclusive of new retail and dining options as well as upgraded new store prototypes for existing tenants.
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s 25 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