PHILADELPHIA, March 21, 2019 /PRNewswire/
-- PREIT (NYSE: PEI) announced a series of milestones
with scheduled openings at Woodland Mall, further establishing its
presence as the premiere retail, dining and entertainment
destination in Grand Rapids, the
second largest city in Michigan.
The project will feature an exclusive line up of high-impact
tenants, strengthening this market-dominant asset. As the
second largest redevelopment underway in PREIT's portfolio,
Woodland Mall is expected to deliver nearly 20% NOI growth in
2020.
Expanded Dining Destination
In an effort to elevate
the dining experience and expand the mall's trade area, PREIT has
executed a lease with The Cheesecake Factory for its second
location in Michigan and its only
location in over 50 miles. The 8,500 square foot restaurant
is expected to open late October
2019. The Cheesecake Factory is known around the globe for
its extensive menu, generous portions and legendary desserts. The
restaurant features more than 250 menu selections including
SkinnyLicious® dishes with 590 calories or less and Saturday and
Sunday Brunch – all handmade, in-house with fresh ingredients – and
more than 50 signature cheesecakes and desserts.
"Since opening our first restaurant in Beverly Hills more than 40 years ago, The
Cheesecake Factory has become known for creating delicious,
memorable experiences for millions of guests around the country,
and we're so pleased to be opening our first restaurant in
Grand Rapids," said David Overton, Founder, Chairman and Chief
Executive Officer of The Cheesecake Factory Incorporated. "We look
forward to opening in Woodland Mall this fall."
The Cheesecake Factory will join Black Rock Bar &
Grill, an award-winning steakhouse and first-to-market
experiential dining offering, with an anticipated opening this
summer.
New Retailers in the Region
First-to-portfolio
retailer Von Maur, which will
occupy 90,000 square feet in the former Sears space, is set to open
in the fall. This location will be the high-end department store's
first in the region. Von Maur will
be joined by Urban Outfitters and a series of other
new-to-portfolio and new-to-market retailers at the mall.
REI will open in a 20,000 square-foot outparcel in the
second quarter 2019 – bringing the in-demand outdoor clothing, gear
and footwear brand to the region.
Complementing these high-quality and diverse retailers, this
Fall, Woodland Mall will also welcome Tricho Salon, a best
in class salon offering a personalized experience with most
talented stylist in the region featuring the top hair styles,
designs and products as well as makeup and waxing services.
An innovator in the salon business since 2003, Tricho Salons boasts
12 locations in the most sought after markets across the U.S.
Additionally, PREIT has continued to evolve the retail mix at the
mall, having recently delivered new and upgraded store prototypes
from key retailers including Altar'd State, Apple and LUSH.
These stores will also be joined by newly renovated
prototypes from Williams-Sonoma and Bath & Body Works, which
will relocate their stores to the newly-created Von Maur wing. These dynamic remerchandising
efforts will further differentiate the shopping environment.
During the 2018 holiday shopping season, Woodland Mall experienced
strong growth in foot traffic, which is expected to be enhanced
with these new additions.
"With the addition of a fashion department store, the region's
only Apple store and The Cheesecake Factory, this property will
take its place as a trophy mall and a top-performer in our
portfolio," said Joseph F. Coradino,
CEO of PREIT. "The high-impact redevelopment of Woodland Mall is
delivering a diverse and robust tenant mix that aligns with our
portfolio quality improvement efforts."
Woodland Mall features an exclusive line-up of dynamic tenants,
including Apple, Pottery Barn, The North Face, Williams-Sonoma, Dry
Goods, H&M and Altar'd State along with several dining
establishments, a movie theater and game-changing tenants
soon-to-open.
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." We do not intend to update or revise any
forward-looking statements to reflect new information, future
events or otherwise.
CONTACT:
Heather
Crowell
SVP, Strategy & Communications
(215) 454-1241
heather.crowell@preit.com
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