PHILADELPHIA, 2016-Nov-02 — /EPR Retail News/ — PREIT (NYSE: PEI) today (Nov. 1, 2016) announced a newly executed lease with Zara, one of the largest international fashion retailers, at Cherry Hill Mall. This is a first-to-portfolio retailer for PREIT and Zara’s first location in suburban Philadelphia.
Zara will occupy approximately 26,000 square feet of space between Macy’s and Nordstrom. The retailer – which is tentatively slated to open in November, 2017, will offer apparel and accessories for men, women and children. This development follows the recent addition of another first-to-portfolio addition at the property, Alex & Ani – an eco-conscious jewelry and accessories retailer. The addition of these in-demand retailers further improves the merchandise mix of the 1.3 million square foot mall for shoppers in the region.
“Bringing Zara, a global fashion retailer, to our portfolio underscores our high-quality, high-performance portfolio and the strength of our positioning in Philadelphia and D.C.,” said Joseph F. Coradino, CEO of PREIT. “As we continue to improve our portfolio through repositioning and redevelopment, our ability to add top-quality retailers to our portfolio improves which will continue to drive traffic and sales and create value in our portfolio.”
Over the past several months, PREIT has welcomed a number of new retailers to its portfolio across the Mid-Atlantic region. The company celebrated the grand opening of two first-to-portfolio tenants, including Primark at Willow Grove Park in July and Saks Fifth Avenue OFF 5th at Springfield Town Center in September. PREIT also recently announced the opening of DICK’s Sporting Goods at Cumberland Mall, as well as the signing of HomeGoods at Viewmont Mall.
Cherry Hill Mall is located in South Jersey, about eight miles from Center City Philadelphia. The premier mall offers a variety of luxury stores and exclusive retailers, including Nordstrom, Apple, Henri Bendel, Hugo Boss, The Lego Store, The North Face, and more, as well as an array of dining options.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s 25 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the 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.
CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com
SOURCE: PREIT