Transaction highlights PREIT’s continued success in anchor repositioning to offer more uses
PREIT announced that they have signed a new lease for a fulfillment center at Cumberland Mall in Vineland, NJ. The approximately 80,000 square foot facility will soon occupy the former Burlington space delivering a new source of non-retail revenue. The property is ideally situated in a location that serves a large trade area along a key route between Philadelphia and the Jersey shore.
PREIT is focused on reinventing its platform by creating a diverse and expansive environment, marked by a healthy mix of uses that capitalize on bullseye locations to produce a broader consumer base, create a stronger business model and provide greater market flexibility. Cumberland Mall offers a dynamic merchandising roster including DICK’s Sporting Goods, Home Depot, Marshalls, American Eagle Outfitters, Journeys, Starbucks, Red Robin, Chick-Fil-A, Victoria’s Secret and Regal Cinemas. This dynamic lineup will also be joined by HomeGoods, which will replace the former Bed, Bath & Beyond.
“This latest addition furthers PREIT’s strategic efforts to redefine its distinctive real estate portfolio through the integration of non-retail uses alongside our high-quality tenant mix across its portfolio,” said Joseph F. Coradino, CEO of PREIT. “This addition joins a diverse set of recently executed uses across our portfolio including self-storage, grocery and healthcare that will bolster our offerings and expand our customer base.”