PREIT announces new leases at Moorestown Mall
Philadelphia -- Pennsylvania Real Estate Investment Trust announced the addition of new restaurants and retailers to its Moorestown Mall property, located in Moorestown, N.J.
New tenants include Marc Vetri’s Osteria, Firebirds Wood Fired Grill, Corner Bakery, The Walking Company, Cotton On and Body Central. As the remerchandising of the property continues to progress, more restaurant and store additions will be announced, according to PREIT.
Moorestown Mall is a 1 million-sq.-ft. enclosed regional shopping mall anchored by Macy’s, Lord & Taylor, Sears and Boscov’s.
Upon acquiring the first four liquor licenses awarded in what was previously a “dry” town in southern New Jersey just outside of Philadelphia, PREIT is executing its strategy of adding restaurants as a key element to improving the shopping experience and driving traffic to its retail partners. PREIT worked closely with Moorestown Township and its residents over the past several years to successfully pass a referendum to lift the nearly century-old ban on alcohol sales in the town.
Earlier this year, PREIT executed a lease with Marc Vetri’s affiliate, Vetri Family Restaurants, to open the second location of its restaurant concept Osteria at Moorestown Mall, marking Vetri’s inaugural foray into a suburban environment. The original Osteria restaurant is in Philadelphia, and was named one of the “101 Best Places to Eat in the World” by Newsweek. The Moorestown Mall location is expected to open in the summer of 2013.
Corner Bakery has also signed a lease to open in the summer of 2013 on an outparcel. This will be the first Corner Bakery in Southern New Jersey.