Content about Pennsylvania Real Estate Investment Trust

August 20, 2014

Pennsylvania Real Estate Investment Trust has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania, contiguous to Westgate Mall.

Philadelphia — Pennsylvania Real Estate Investment Trust has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania, contiguous to Westgate Mall.

The transaction is expected to close prior to the end of 2014.

August 20, 2014

Pennsylvania Real Estate Investment Trust has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania, contiguous to Westgate Mall.

Philadelphia — Pennsylvania Real Estate Investment Trust has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania, contiguous to Westgate Mall.

The transaction is expected to close prior to the end of 2014.

August 8, 2014

Simon, in concert with joint-venture partner PREIT-Rubin, has broken ground on Gloucester Premium Outlets in Gloucester Township, New Jersey, a multi-million dollar upscale outlet destination that will bring more than 80 retailers to the southern New Jersey market.

Indianapolis -- Simon, in concert with joint-venture partner PREIT-Rubin, has broken ground on Gloucester Premium Outlets in Gloucester Township, New Jersey, a multi-million dollar upscale outlet destination that will bring more than 80 retailers to the southern New Jersey market.

July 23, 2014

Inland Real Estate Income Trust announced the acquisition of the 86,800-sq-ft. Pick ‘n Save Shopping Center in West Bend, Wisconsin.

Oak Brook, Ill. — Inland Real Estate Income Trust announced the acquisition of the 86,800-sq-ft. Pick ‘n Save Shopping Center in West Bend, Wisconsin. Lou Quilici, senior VP of IREIT Business Manager & Advisor, Inc., assisted Matthew Tice, VP of Inland Real Estate Acquisitions in the purchase of the property.

July 22, 2014

Sears Outlet Stores has leased a 354,000-sq.-ft. former Sears location in Kansas City, expanding outlet store operations and services and developing a new central distribution center for the South-Central region.

Hoffman Estates, Ill. - Sears Outlet Stores has leased a 354,000-sq.-ft. former Sears location in Kansas City, expanding outlet store operations and services and developing a new central distribution center for the South-Central region. This new repair and distribution center is expected to create nearly 160 new jobs to be filled by Kansas City locals.

June 24, 2014

Pennsylvania Real Estate Investment Trust has executed leases with Retail Group of America to bring three international brands F&F, Flormar and SuiteBlanco to the Patrick Henry Mall in Newport News, Virginia.

Philadelphia — Pennsylvania Real Estate Investment Trust has executed leases with Retail Group of America to bring three international brands F&F, Flormar and SuiteBlanco to the Patrick Henry Mall in Newport News, Virginia. The transactions illustrate PREIT’s strategy for improving portfolio performance by seeking out emerging, first-to-market options.

June 24, 2014

Pennsylvania Real Estate Investment Trust has executed leases with Retail Group of America to bring three international brands F&F, Flormar and SuiteBlanco to the Patrick Henry Mall in Newport News, Virginia.

Philadelphia — Pennsylvania Real Estate Investment Trust has executed leases with Retail Group of America to bring three international brands F&F, Flormar and SuiteBlanco to the Patrick Henry Mall in Newport News, Virginia. The transactions illustrate PREIT’s strategy for improving portfolio performance by seeking out emerging, first-to-market options.

June 23, 2014

Pennsylvania Real Estate Investment Trust has completed the previously announced sale of South Mall in Allentown, Pennsylvania, for $23.6 million.

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the previously announced sale of South Mall in Allentown, Pennsylvania, for $23.6 million. Net of closing costs, settlement pro-rations and credits, proceeds from the transaction totaled approximately $23.1 million.

In addition, PREIT has entered into an Agreement of Sale to dispose of its two remaining non-core malls — Nittany Mall and North Hanover Mall.

June 23, 2014

Pennsylvania Real Estate Investment Trust has completed the previously announced sale of South Mall in Allentown, Pennsylvania, for $23.6 million.

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the previously announced sale of South Mall in Allentown, Pennsylvania, for $23.6 million. Net of closing costs, settlement pro-rations and credits, proceeds from the transaction totaled approximately $23.1 million.

In addition, PREIT has entered into an Agreement of Sale to dispose of its two remaining non-core malls — Nittany Mall and North Hanover Mall.

May 9, 2014

The Bon-Ton Stores Inc. has secured a 743,000-sq.-ft. lease for a direct-to-consumer fulfillment center in West Jefferson, Ohio, with E Smith Realty Partners.

York, Pa. -- The Bon-Ton Stores Inc. has secured a 743,000-sq.-ft. lease for a direct-to-consumer fulfillment center in West Jefferson, Ohio, with E Smith Realty Partners. The new e-commerce facility is expected to be fully operational and begin shipping orders by spring 2015.

May 6, 2014

Want to buy a car? Check out the automotive showroom at Pennsylvania Real Estate Investment Trust’s Cherry Hill Mall.

Philadelphia — Want to buy a car? Check out the automotive showroom at Pennsylvania Real Estate Investment Trust’s Cherry Hill Mall.

PREIT has undertaken a three-month partnership with GoMoto, an automotive tech company that aims to change the way people shop for cars.

May 6, 2014

Want to buy a car? Check out the automotive showroom at Pennsylvania Real Estate Investment Trust’s Cherry Hill Mall.

Philadelphia — Want to buy a car? Check out the automotive showroom at Pennsylvania Real Estate Investment Trust’s Cherry Hill Mall.

PREIT has undertaken a three-month partnership with GoMoto, an automotive tech company that aims to change the way people shop for cars.

May 2, 2014

When building an urban store, be prepared for anything, and make friends with your local Economic Development Corp. early, said retailers and a developer at the “Setting Up Shop Downtown” session.

It’s critical to get the local community on board and solicit their comments early, advised Terry Pratt, senior tenant coordinator of Philadelphia-based PREIT, particularly regarding lighting and signage.

March 6, 2014

The Bon-Ton Stores Inc. has signed a lease with Duke Realty Corp for a 743,000-sq.-ft., automated, direct-to-consumer fulfillment center in West Jefferson, Ohio, to support its growing e-commerce operations.

York, Pa. - The Bon-Ton Stores Inc. has signed a lease with Duke Realty Corp for a 743,000-sq.-ft., automated, direct-to-consumer fulfillment center in West Jefferson, Ohio, to support its growing e-commerce operations. The company anticipates the facility to be fully operational and ship its first orders in spring of 2015.

February 18, 2014

Junior fashion retailer, Lexy, has expanded into a new 3,098-sq.-ft. store at Moreno Valley Mall in Moreno Valley, Calif.

Syracuse, N.Y. — Junior fashion retailer, Lexy, has expanded into a new 3,098-sq.-ft. store at Moreno Valley Mall in Moreno Valley, Calif. The new store opened on Feb. 14.

Managed by Spinoso Real Estate Group, the center is home to 130 stores and restaurants including a number of new arrivals. Crunch Fitness recently moved into a 20,000-sq.-ft space. Junior fashion retailer, Image, opened in December 2013.

January 9, 2014

Franklin Flea’s successful holiday season earned the once-a-week indoor flea market a return booking for April.

Philadelphia — Franklin Flea’s successful holiday season earned the once-a-week indoor flea market a return booking for April.

Starting back in November, Franklin Flea brought local artisans and vendors together in Center City Philadelphia to showcase handmade, repurposed and antique items as well as an assortment of artisan foods.

January 9, 2014

Franklin Flea’s successful holiday season earned the once-a-week indoor flea market a return booking for April.

Philadelphia — Franklin Flea’s successful holiday season earned the once-a-week indoor flea market a return booking for April.

Starting back in November, Franklin Flea brought local artisans and vendors together in Center City Philadelphia to showcase handmade, repurposed and antique items as well as an assortment of artisan foods.

January 3, 2014

Inland Real Estate Income Trust has acquired the 159,258-sq.-ft. Wedgewood Commons Shopping Center in Olive Branch, Miss., a southeastern suburb of Memphis, Tenn. The purchase price was $33.9 million.

Oak Brook, Ill. — Inland Real Estate Income Trust has acquired the 159,258-sq.-ft. Wedgewood Commons Shopping Center in Olive Branch, Miss., a southeastern suburb of Memphis, Tenn. The purchase price was $33.9 million.

StoneCrest Investments LLC, the seller, developed the center in 2009 and continues to add development phases. The Disney Group represented the seller in the transaction. 

December 18, 2013

Pennsylvania Real Estate Investment Trust has completed the financing of Wyoming Valley Mall in Wilkes-Barre, Pa., and used a portion of the proceeds to repay the mortgage loan balance on Beaver Valley Mall in Monaca, Pa., without penalty.

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the financing of Wyoming Valley Mall in Wilkes-Barre, Pa., and used a portion of the proceeds to repay the mortgage loan balance on Beaver Valley Mall in Monaca, Pa., without penalty.

The new 10-year, non-recourse loan on Wyoming Valley Mall totals $78 million and replaces a $65 million loan that was repaid in September. The transaction produced proceeds of $13 million. The interest rate on the new mortgage is 5.17%, a decrease of 68 basis points from the previous rate.

December 18, 2013

Pennsylvania Real Estate Investment Trust has completed the financing of Wyoming Valley Mall in Wilkes-Barre, Pa., and used a portion of the proceeds to repay the mortgage loan balance on Beaver Valley Mall in Monaca, Pa., without penalty.

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the financing of Wyoming Valley Mall in Wilkes-Barre, Pa., and used a portion of the proceeds to repay the mortgage loan balance on Beaver Valley Mall in Monaca, Pa., without penalty.

The new 10-year, non-recourse loan on Wyoming Valley Mall totals $78 million and replaces a $65 million loan that was repaid in September. The transaction produced proceeds of $13 million. The interest rate on the new mortgage is 5.17%, a decrease of 68 basis points from the previous rate.

December 2, 2013

Location: Moorestown, N.J.

Size: 1,001,000 sq. ft.

Developer: PREIT

Major tenants: Lord & Taylor, Marc Vetri’s Osteria, Jose Garces’ Distrito, Firebirds Wood Fired Grill, Regal Premium Experience Theater, Rizzieri Salon & Spa, Francesca’s Collection (in lease negotiations) and a number of best-of-breed regional retailers

December 2, 2013

What are retail shopping center developers up to in the vibrant northeastern region of the United States?

All across the Northeast — in which we include Ohio, Maryland, Virginia, Pennsylvania, New Jersey and the traditional northeastern states to the north — developers are renovating, redeveloping, raising rents, welcoming tenants and starting to get back to normal.

November 20, 2013

Pennsylvania Real Estate Investment Trust has completed the sale of Chambersburg Mall in Chambersburg, Pa., for $8.8 million.

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sale of Chambersburg Mall in Chambersburg, Pa., for $8.8 million.The sale marks another step in PREIT’s continuing effort to improve the quality of its portfolio through the sale of non-core assets. Net proceeds from the transaction totaled approximately $8.4 million.

November 20, 2013

Pennsylvania Real Estate Investment Trust has completed the sale of Chambersburg Mall in Chambersburg, Pa., for $8.8 million.

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sale of Chambersburg Mall in Chambersburg, Pa., for $8.8 million.The sale marks another step in PREIT’s continuing effort to improve the quality of its portfolio through the sale of non-core assets. Net proceeds from the transaction totaled approximately $8.4 million.

November 4, 2013

In its ninth year, the annual Top Redevelopers survey continues to demonstrate the value of redeveloping and repositioning shopping centers. As always, the goals include refreshing, remodeling, tweaking, and sometimes demolishing and rebuilding with an eye to providing tenants with space that supports their goals.