PREIT Marks New Milestones in the Strategic Redevelopment of Woodland Mall
Von Maur store under construction concurrent with catalyst tenant leases being finalized
Urban Outfitters and REI will deliver new-to-region experiences to further transform Grand Rapids’ premier shopping center
Philadelphia, PA, August 20, 2018 – PREIT (NYSE: PEI) today unveiled a series of milestones in the high-impact redevelopment of Woodland Mall, further strengthening the already dominant asset in the Grand Rapids, MI market and redefining the shopping experience for consumers.
Bringing New Retailers to the Market
Construction has commenced on first-to-portfolio retailer Von Maur, which will occupy 90,000 square feet in the former Sears footprint. This location will be the high-end department store’s first in the region, with an anticipated October 2019 opening, and will join a series of other new-to-portfolio and new-to-market retailers at the mall. Urban Outfitters, offering an experiential retail environment combined with an assortment of women’s, men’s, accessories and home products, will debut its first store in the market when the expansion wing opens in October 2019. The highly-coveted specialty outdoor retailer, REI, will open in a 20,000 square-foot store in May 2019. And this October, the mall will welcome the fast growing women’s fashion retailer Altar’d State in 5,500 square feet.
Elevating the Dining Experience
As part of PREIT’s effort to deliver new and unique uses to the mall, a lease has been executed with Black Rock Bar & Grill, a new experiential dining offering slated to open with the mall expansion in October 2019. The first-to-market restaurant offers an immersive experience, in which guests sear their selection of meat or seafood on hot volcanic granite directly at their tables.
We’re committed to making strategic investments that enhance our properties and solidify their presence as premier retail, dining and entertainment destinations. The redevelopment of Woodland Mall exemplifies the successful results of this strategy: a thoughtful curation of innovative and in-demand tenants that will increase traffic, drive sales and meaningfully reimagine how shoppers experience the mall.
In addition to these new retail offerings, PREIT has continued to evolve the retail mix at the mall, having delivered new and upgraded store prototypes from key retailers including Apple and LUSH and recent new store introductions Vans, Shoe Dept. Encore, J. Jill and Torrid. Hollister and Victoria’s Secret will also be renovating their stores into their latest prototype. Victoria’s Secret will open its new prototype store alongside its popular PINK brand.
Woodland Mall is the dominant shopping center in Western Michigan, well-positioned to capture the high-income communities in the region. The mall features an exclusive line-up of dynamic tenants, including Apple, Pottery Barn, The North Face, Williams-Sonoma, Dry Goods, H&M and Forever 21 along with several dining establishments and a movie theater.
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 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.
Forward Looking Statements
This press release contains certain forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “project,” “intend,” “may” or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, our business might be materially and adversely affected by changes in the retail and real estate industries, including consolidation and store closings, particularly among anchor tenants; current economic conditions and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; our substantial debt and the liquidation preference of our preferred shares and our high leverage ratio; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through sales of properties or interests in properties and through the issuance of equity or equity-related securities if market conditions are favorable; and potential dilution from any capital raising transactions or other equity issuances.
Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein and in our Annual Report on Form 10-K for the year ended December 31, 2017 in the section entitled “Item 1A. Risk Factors.” We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise