PREIT Renews Experience at Moorestown Mall with Completion of Anchor Box Leasing and Opening of Sought After Dining
Dynamic dining offerings, Hash House A Go Go and Joe Italiano’s Maplewood, open
Lease executed with Michaels to complete anchor redevelopment, delivering diverse offerings
Philadelphia, PA, January 17, 2019 – PREIT (NYSE: PEI) today announced the completion of key leasing of the former Macy’s box at Moorestown Mall, executing a lease with Michaels, which will occupy 25,000 square feet of space, offering arts, crafts, framing, floral, wall décor and seasonal merchandise for do-it-yourselfers of all ages. Michaels will join HomeSense, Five Below and Sierra Trading Post in the former Macy’s location, creating a diverse and compelling retail mix reflective of the new mall platform. Michaels is expected to open in late 2019, marking another milestone in redefining the property experience.
Complementing the recently opened anchor stores, are new dining experiences: Hash House A Go Go and Joe Italiano’s Maplewood. The new-to-market tenants will complement the existing dining options and will deliver appealing offerings in the Moorestown community. The opening of these restaurants further supports PREIT’s efforts to reimagine the mall experience and provide a variety of experiential options for shoppers.
Opening its doors today, Hash House A Go Go occupies a 7,800-square-foot space offering locally sourced farm-fresh food with a funky, modern twist. The restaurant will serve breakfast, brunch, lunch and dinner daily and its large bar will host a vibrant happy hour scene featuring local beers and famous signature cocktails. This is the first Hash House A Go Go location to open in the region and in PREIT’s portfolio.
South Jersey favorite, Joe Italiano’s Maplewood, a family-owned Italian restaurant for nearly 75 years with locations in Hammonton and Mays Landing, N.J. and recently touting the 2018 Best Italian Restaurant Gold Award from Press of Atlantic City’s Best of the Press, also recently opened. The Moorestown location occupies 8,600 square feet of space and will put a fresh face on its menu with a creative array of brick-oven options including, pasta with meatballs and Maplewood unique red sauce, a.k.a. “gravy.”
The changes we have made at Moorestown Mall are reflective of our efforts to create diverse retail and social experiences at our properties, transforming the mall model. The continued remerchandising and strengthening of our properties lay a foundation that will satisfy the demands of the community and set the stage for continued growth.
Moorestown Mall is home to a unique mix of tenants including award-winning Rizzieri salon and spa, Orangetheory Fitness, Yard House, Regal Cinemas, Firebirds Wood Fired Grill and Harvest Seasonal generating over $25 million in dining and entertainment sales and popular retail brands including H&M, Express, Foot Locker, Hollister, Victoria’s Secret and many others.
About PREIT
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 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.
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.
Company Contact:
Heather Crowell
SVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com