PREIT Experiences Substantial Operating Momentum

PREIT, a leading real estate investment trust focused on creating thoughtful, community-centric properties, provided an update on key activities continuing to signal consumer and tenant demand.

February Core Mall Comparable Sales per square foot hit an all-time high at $618. Over 60% of the portfolio is generating sales productivity in excess of $550 per square foot, a clear indicator of the success tenants are finding in PREIT’s portfolio. Leading the growth over January results are: Mall at Prince George’s, Springfield Town Center, Moorestown, Jacksonville, and Capital City Malls.

Resulting from this success, key tenants continue to open including:

Cherry Hill Mall:

  • Marc Cain – an elite women’s ready-to-wear brand hailing from Germany
  • Warby Parker – the e-commerce eyewear brand founded with a mission to inspire and impact the world with vision, purpose, and style

Woodland Mall:

  • Phoenix Theatres – a new state-of-the-art movie theatre, joining recent new-to-region additions Offline by aerie, Rose & Remington, and Lovisa

Cumberland Mall:

  • HomeGoods – unique home decor & fashions

Willow Grove Park:

  • Slime Time Entertainment – an interactive slime lab experience for families

Looking ahead, exciting things are on the horizon across the portfolio:

Eddie V’s, Deo Eyewear, and M2O Burgers are slated to open at Cherry Hill Mall. Cherry Hill Mall will now boast one of the best restaurant lineups on the east coast.

LEGO® Discovery Center at Springfield Town Center will be the first of a brand new prototype in the entire country.  This addition helps fulfill the vision for STC – differentiating it among other DC-area retail properties and becoming a trophy in its own right.

Tilted 10 is expected to replace JCPenney at Willow Grove Park, joining expanding local businesses and filling an entertainment void at the property. BBQ Unlimited, a family-owned business regularly recognized as one of the best barbecue locales in the region, joined the lineup earlier this year.

To view PREIT’s entire portfolio of properties, please click here and please visit us at Booth #2501 at ICSC.