PREIT Enhances Anchor Tenant Mix at Key Market Dominant Assets
After proactively recapturing Sears stores, lead replacement tenants to open this Fall with complimentary leases executed for future openings
Philadelphia, PA, July 12, 2017 – PREIT (NYSE: PEI) today announced new tenants to accompany Burlington and DICK’s Sporting Goods as replacements for Sears at Magnolia Mall in Florence, South Carolina and Capital City Mall in Harrisburg, Pennsylvania, respectively.
At Magnolia Mall, the former department store space is fully leased. PREIT has executed leases for the 28,500 square foot remainder portion of the former Sears location – Five Below and an off-price home furnishings and accessories retailer, both first-to-region retailers and leaders in the value category, to join Burlington in the former Sears box. The 20,000 square foot off-price home furnishings retailer and the 8,500-square foot Five Below will open in Spring 2018. As the value retail segment continues to grow, these additions strengthen PREIT’s strategy to attract in-demand retailers and drive foot traffic at its properties. Also at Magnolia Mall, popular fast fashion retailer H&M will open a 20,000-square foot store in Fall 2017, illustrating PREIT’s continued commitment to diversifying its tenant base and bringing new-to-market options for its customers. Following this remerchandising initiative, Magnolia Mall occupancy is forecast to exceed 99.0%.
At Capital City Mall, PREIT has executed a lease with Fine Wine & Good Spirits, which will occupy 11,500 square feet and offer a premium collection of wine and spirits. This transaction is part of the overall remerchandising of Capital City Mall to continue to enhance its strong position in the Harrisburg trade area. This tenant will be adjacent to the new DICK’s Sporting Goods, which is currently under construction, both of which will open this Fall. In 2018, the region’s only Dave & Buster’s will also open at the property, adding a sought-after casual dining and entertainment component.
We are pleased to announce another step toward our goal of having all of our department store inventory leased by year end. The demand for these former department store spaces from an array of retailers demonstrates the high-quality, market dominant characteristics of PREIT’s portfolio which will allow us to continue to enhance our properties and drive strong financial returns from our redevelopment program.
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s 23 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