Strengthening Core Assets with 12+ Varied & Influential Tenants in 575K Sq Ft Opening Across PREIT Portfolio
PREIT (OTCQB: PRET) welcomed several new and diverse tenants across its portfolio. For over a decade, PREIT has focused on going beyond traditional mall tenancy to include leisure and entertainment options, traditional open air tenants, grocers, healthcare and more.
Accentuating this effort are several recent and upcoming openings:
Lego Discovery Center at Springfield Town Center held its grand opening on August 9, 2023, another step in creating the ultimate family destination. The location is the latest prototype and features DUPLO® Park, a 4D Cinema, Hero Zone, Space Mission for designing and launching spaceships, a cafe, Lego shop and more. Burlington is expected to open its new location in October, bolstering the value offerings at the property. Adding to the plan to create a vibrant multi-use destination, PREIT is planning to incorporate apartments and a hotel on the property, expanding its appeal.
DICK's House of Sport at Viewmont Mall opened in 90,000 square feet on August 11, 2023. One of only a handful of locations now open, House of Sport is the highly experiential offering from DICK's Sporting Goods. Viewmont Mall is consistently well-occupied and is the dominant enclosed mall in the Northeastern Pennsylvania region.
Tilted 10 at Willow Grove Park opened in 103,000 square feet. First in the region, the facility offers fun for everyone including 16 full bowling lanes with a VIP bowling lounge, over 150 video and arcade games, laser tag, bumper cars and more. This entertainment offering restores the mall to its amusement park roots and offers more reasons for shoppers to visit the mall.
In the upcoming months, PREIT expects to celebrate additional dynamic tenant openings throughout the portfolio and across a broad array of business segments.
Cooper University Health Care is expected to open a state-of-the-art facility in the former Sears location at Moorestown Mall that includes: comfortable seating, a cafe, a community wellness information center, over 90 pod-like exam rooms, collaboration areas, smaller work areas for tele-visits and over 26 specialties working together. The opening marks a significant step in the transformation of the mall and its differentiation from nearby retail competition.
Extra Space Storage is expected to open a 90,000 square foot facility this month at Mall at Prince George's. This amenity adds to the broad array of attractions already at MPG, including attractive quick-serve dining options, full service dining offerings, a fitness facility, and sought after retail offerings as well as the plethora of nearby newly constructed apartments and condominiums.
At Dartmouth Mall, ULTA and Forever 21 are expected to open in the fourth quarter These additions advance the mall's position as the leading enclosed mall in the region, following the closure of two competing properties. ULTA will round out the former Sears location which is now home to Burlington and Aldi, highlighting PREIT's ability to replace outdated department stores with modern, appealing tenants.
Main Event is under construction for a 2024 opening and Abercrombie & Fitch and Versona will make their debuts at Woodland Mall. With traffic ahead of pre-pandemic levels, signifying the success of the 2019 redevelopment, PREIT continues to attract new experiences and offerings to the market as competitive properties fall behind.
Meritus Health is underway at Valley Mall with an anticipated opening in 2024. This facility will offer physical therapy, sports medicine and family medicine. This addition to the mall's tenant mix is a strong example of bringing essential community needs under one roof.
"Creating a diverse tenant mix is a key ingredient in today's rapidly-evolving retail climate," said Joseph F. Coradino, CEO of PREIT. "We are well positioned with a high-quality portfolio in desirable markets to capture tenants that create a compelling consumer experience. Our newest tenant additions complement our existing portfolio and further drive traffic to our properties."