PREIT Enhances its Portfolio with the Addition of Appealing Experiences
Philadelphia, PA, July 19, 2017 – PREIT (NYSE: PEI) today announced the addition of 80,000 square feet of new experiences to its portfolio of properties. Continuing to curate a mix of retail and experiential offerings is central to PREIT’s strategy going forward. Non-anchor space in PREIT’s portfolio dedicated to dining and entertainment has increased by 36% since 2012. Including executed leases, nearly 19% of space in the portfolio is currently committed to these destination users and is expected to continue to grow.
PREIT recently executed leases with All In Adventures for escape room additions at three of its properties – Willow Grove Park, Viewmont and Magnolia Malls. All In Adventures offers an experience for all ages in which teams are in a themed room for 50 minutes and must find clues, solve puzzles and decipher hidden codes to Escape The Mystery Room. Visitors are encouraged to reserve the rooms in advance and the locations will offer corporate team building and party packages.
At Patrick Henry Mall in Newport News, Virginia, PREIT has executed a lease with Nickels and Dimes incorporated for a 21,000 square foot Tilt Studio entertainment facility. With 10 locations across the country, Tilt Studios offers a variety of attractions including rides, arcade games, bowling, black light lazer tag, black light golf and rooms that can accommodate parties, groups and private events. The facility is expected to open in the 4th quarter of 2017.
PREIT also executed a lease to expand Dave & Buster’s at Springfield Town Center to over 38,000 square feet, a 15% expansion of its space, highlighting PREIT’s continued effort to diversify its tenant base. Springfield Town Center, located in a premier market at a heavily-trafficked interchange, highlights the continued demand for dining, entertainment and social experiences in the retail environment. Over $70 million in dining and entertainment sales are currently generated at the property.
Earlier this year, PREIT announced the addition of a 28,000 square foot Dave & Buster’s at Capital City Mall in Harrisburg, PA and a 14,000 square foot 5 Wits at Plymouth Meeting Mall. Dave & Buster’s will open at Capital City Mall in Fall 2018, continuing a property remerchandising strategy that includes the addition of DICK’s Sporting Goods later this year. 5 Wits will continue the transformation of Plymouth Meeting Mall into a destination for unique experiences when it opens later this year. LEGOLAND Discovery Center and Cyclebar opened at Plymouth Meeting Mall in April of this year.
Creating a diverse tenant mix is a key tenet at PREIT in this rapidly-changing retail climate. PREIT has long been transforming the traditional mall model, having added over 1 million square feet of dining, entertainment, health and wellness, fast fashion and off price tenants, an increase of more than 70% of space committed to these tenants in five years. The new concepts we are adding strengthen the appeal of our properties and will continue to drive new customers to our doors.
According to PREIT’s 2016 Shopper Survey, 78% of 18-24 year olds like to shop around and do other things like dine, see a movie or socialize while at the mall, illustrating the importance of offering consumers experiences beyond retail in the mall environment.
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