PHILADELPHIA, April 11, 2019 /PRNewswire/
-- PREIT (NYSE: PEI) today announced the addition of Yard
House at Willow Grove Park, enhancing the mall's tenant roster with
a sought after dining experience. Slated to open this winter, Yard
House will join Studio Movie Grill as Willow Grove Park aims to
"win the weekend" with consumers who can enjoy a high quality
shopping and social experience in one place. PREIT's
most productive property on a sales per square foot basis,
exceeding $700, Willow Grove Park
already boasts a impressive lineup of tenants including
Bloomingdales, Apple, Michael Kors, Sephora, Vans, The Cheesecake
Factory and Primark, among others.
Yard House, which will occupy 8,500 square feet of space, is a
modern American restaurant which features the world's largest
selection of draft beer. In addition to Yard House's signature and
extensive beer selection, the restaurant features a broad menu of
American favorites and globally-inspired flavors, from salads,
street tacos and grilled burgers to seafood, steaks and ribs. Yard
House is also known for its classic rock music boasting a library
of 5,000 songs, making it a go-to dining and socializing
experience.
"PREIT malls continue to evolve alongside consumer spending
patterns and we are pleased to enhance one of our top-performing
assets with leading dining and entertainment concepts, further
strengthening our portfolio," said Joseph F. Coradino, CEO of PREIT. "Yard House
brings a new energy to Willow Grove Park, one that elevates the
consumer experience and will extend mall visits."
This transaction underscores PREIT's commitment to transforming
the identity of its properties into destinations for social
experiences through the addition of a diverse mix of tenants.
As spending patterns have shifted toward experiences, PREIT
has incorporate dining and entertainment offerings as key pillars
in its remerchandising efforts and has increased the space leased
to dining and entertainment tenants by nearly 50% since 2012.
In the past year, PREIT has added or signed an impressive list
of dining and entertainment tenants, highlighted by many new to
portfolio offerings:
|
|
Woodland
Mall
|
Black Rock Bar &
Grill*
The Cheesecake
Factory
|
Cherry Hill
Mall
|
Midici*
Fatburger*
|
Springfield Town
Center
|
Maggie
McFly's*
|
Moorestown
Mall
|
Joe Italiano's
Maplewood*
Hash House A
Go-Go*
|
|
|
Capital City
Mall
|
Dave &
Buster's
Outback
Steakhouse
Primanti
Bros
|
Valley
Mall
|
Tilt
Studio
Black Rock Bar &
Grill
|
MPG
|
Miller's Ale
House
|
Plymouth Meeting
Mall
|
Miller's Ale
House*
|
*Denotes new to PREIT's portfolio
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
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/preit-elevates-experiential-tenant-lineup-at-willow-grove-park-with-the-addition-of-yard-house-300830170.html
SOURCE PREIT