PREIT Continues Strategic Portfolio Repositioning With Addition of In-Demand Retailers

PHILADELPHIA, Oct. 28, 2016 /PRNewswire/ -- PREIT (NYSE: PEI) announced a transaction to bring HomeGoods to Viewmont Mall along with progress on 419,000 square feet of notable anchor transactions as the Company continues to execute on introducing differentiated anchor stores across its portfolio:

A new lease has been signed with HomeGoods at Viewmont Mall in Scranton, PA. The home furnishings retailer will occupy approximately 23,000 square feet of space alongside a 90,000 square foot DICK's Sporting Goods and Field & Stream store in a reconfiguration of a former Sears store, currently under construction for and expected opening in Q4 2017.

At Cumberland Mall, DICK'S Sporting Goods opened last week occupying 50,000 square feet in the location of the former JCPenney store location. A relocation of a store from elsewhere in the market, the store offers expanded brand shops, an improved footwear section, a women's studio apparel department, and shops for soccer, lacrosse and baseball.

"The addition of these sought-after retailers is indicative of our portfolio transformation," said Joseph F. Coradino, CEO of PREIT. "We are continuing to capitalize on our portfolio of high-quality properties in compelling markets by bringing exciting retail and entertainment destinations, which in turn, further enhances our portfolio. At the same time, we are systematically reducing exposure to select department stores thereby creating value and driving substantial traffic and sales momentum." 

PREIT is executing multiple redevelopment and remerchandising initiatives across its portfolio, with a focus on creating new anchor experiences at many of its properties. In September, PREIT welcomed its first Saks Fifth Avenue OFF 5^th at Springfield Town Center in Fairfax County, Virginia.  In July, Primark – a leading European retailer – opened at PREIT's Willow Grove Park in Pennsylvania, underscoring how attractive the Company's portfolio of properties located in compelling markets is, particularly in the Philadelphia and Washington DC markets.    

Construction is also underway at Exton Square Mall in Chester County, Pennsylvania as the Company looks forward to welcoming another first-to-portfolio tenant, Round 1 Entertainment, in December as well as Whole Foods Market in 2017. Occupying 58,000 square feet, Round 1 Entertainment offers billiards, bowling, ping pong and other activities, further evidence of the Company's commitment to enliven its shopping centers with specialized entertainment offerings to complement its high-quality retail offerings.  

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: AT THE COMPANY

Heather Crowell

SVP, Corporate Communications and Investor Relations

(215) 454-1241

heather.crowell@preit.com 

Logo - http://photos.prnewswire.com/prnh/20130905/MM75091LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/preit-continues-strategic-portfolio-repositioning-with-addition-of-in-demand-retailers-300353280.html

SOURCE PREIT