PREIT Paves Path to Recovery With Industry-Leading Anchor Re-leasing Program
All Core Mall Anchor Spaces Leased or at Lease
The Company highlights success of its robust multi-year, strategic anchor repositioning
More than 3 Dozen Tenants Replace 19 Former Department Stores
PREIT (NYSE: PEI), a leading real estate owner and developer, redefining the future of the mall with mixed-use community-centric districts, continues to lead the sector with the Company’s anchor repositioning program. PREIT has been one of the most successful operators in navigating recent retail disruption by proactively addressing necessary transitions of anchor space—securing replacements for 19 anchor stores in the past five years. In these anchor spaces, PREIT has added over three dozen new tenants spanning an array of uses including fitness, grocery, healthcare, entertainment and dining, off-price merchants and traditional open-air big box tenants. As a result of these, and other, transformative actions, traffic in the core portfolio averaged 90% of 2019 volumes for May and June and sales for all comparable reporting tenants were up 14% for May 2021 as compared to May 2019.
Latest Anchor Repositioning Transactions
- Tilt Studios will replace JCPenney at Magnolia Mall in Florence, SC expected to open in Q3 2021.
- Aldi, a first-to-portfolio grocery tenant, is set to open at Dartmouth Mall in North Dartmouth, MA in Q3 2021 in the former Sears space.
- Cooper University Health Care has executed a transaction to bring a 165,000-sf outpatient facility to the former Sears space at Moorestown Mall in Moorestown, NJ in 2023.
- HomeGoods will replace the former Bed Bath & Beyond space at Cumberland Mall; along with the recent addition of a 80,000-sf fulfillment center servicing Amazon, Walmart, Wish and eBay.
- A lease has been fully executed to replace the former theater at Woodland Mall in Grand Rapids, MI.
These new transactions represent distinctly different uses, highlighting the appeal of PREIT’s unique portfolio to a variety of tenants and venues.
“PREIT continues to lead the charge to proactively transform its retail centers to create lively community centerpieces, strengthening its portfolio with high quality, in-demand uses serving a broad array of constituents,” said Joseph F. Coradino, CEO of PREIT. “The recovery of the business, generating strong sales and traffic, has amplified our ability to attract high-quality tenants and add value for all of our stakeholders.”