PREIT Completes Key Step in Portfolio Transformation with Opening of Woodland Mall Expansion
Dynamic remerchandising including Von Maur, The Cheesecake Factory, Urban Outfitters, Sephora and REI, in strong market solidifies trophy property status
Philadelphia, PA, October 10, 2019 – PREIT (NYSE: PEI) today celebrates the opening of the highly-anticipated Woodland Mall expansion wing. In 2017, the Company proactively recaptured the Sears store to make way for new and compelling uses, ensuring the long-term strength of this market-dominant destination. The project will feature a line up of high-impact tenants, many of which are exclusive and new-to-market.
New Retailers
First-to-portfolio retailer Von Maur, now open in 90,000 square feet, marks the department store’s first in the region. The addition of this sought after retailer will complement the existing high-quality roster of tenants at Woodland Mall – including Apple, Lush, Altar’d State, A’Beautiful Soul, Dry Goods and Pottery Barn among others – and meet the retail demand of the strong shopper demographics of the region. The opening of Von Maur and PREIT’s strategic investment in the redevelopment will continue to attract new and dynamic merchants to diversify the tenant roster and drive traffic and sales to the property.
Von Maur will be joined by a series of new-to-portfolio and new-to-market retailers at the mall, including:
- Urban Outfitters
- Sephora (coming soon)
- White House | Black Market (coming soon)
- Newly renovated and expanded Williams-Sonoma
- Newly renovated and expanded Bath & Body Works/White Barn Candle
- Tricho Salon
- Paddle North
- Mobile Station
- REI opened in a 20,000 square foot store in May 2019
New Dining Options
- Black Rock Bar & Grill, an award-winning steakhouse and first-to-market experiential dining offering, has recently joined the roster.
- The Cheesecake Factory will open its second location in Michigan and its only location in over 50 miles. The 8,500 square foot restaurant is expected to open in November 2019.
“The opening of Von Maur, known to its customer for exceptional quality and service, joining forces with the region’s only Apple and The Cheesecake Factory locations, positions this property as a trophy that aligns with our strategic focus on improving the quality of our portfolio,” said Joseph F. Coradino, CEO of PREIT. “As we focus on creating differentiated experiences for consumers, solidifying Woodland Mall’s place as the premier retail and entertainment destination in Grand Rapids is a key step in improving the value of our portfolio by driving improvements in traffic and sales.”
By the Numbers
Below is a snapshot of key project attributes since the project began:
Customers can join the fun during the mall’s opening weekend celebration that includes giveaways, fashion shows, live music and activities. Details can be found here.
Grand Rapids, the second-largest city in Michigan, is home to over 130 international companies and has been named the 2nd Best Place to Live in the US by the Wall Street Journal.
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, 2018 in the section entitled “Item 1A. Risk Factors” and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019 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.
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