CHERRY HILL MALL
Project Owner: PREIT
Company HQ: Philadelphia
Project Location: Cherry Hill, New Jersey
Project Size: 1.3 million sq. ft.
Project Status: Open and operating
Company Website: www.preit.com
Cherry Hill Mall is located eight miles from Philadelphia, and serves as the dominant shopping center in densely populated southern suburban New Jersey, with a mix of high-end tenants, such as Nordstrom, The Capital Grille, Seasons 52, Grand Luxe Café, Apple, Henri Bendel, LUSH, Michael Kors and more. In 2009, owner PREIT invested $220 million in a successful redevelopment that transformed the property into the region’s fashion and dining destination. Several first-to-portfolio, impact tenants have opened throughout the year including adidas, e.l.f. Studio, Lego, lululemon and Tumi.
PREIT is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, the company owns and operates over 26 million sq. ft. of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs — Philadelphia and Washington, D.C. Since 2012, the company has driven a transformation guided by an emphasis on balance-sheet strength, high-quality merchandising and disciplined capital expenditures.
Company HQ: New York City
Company Website: www.olshanproperties.com
For more than 55 years, Olshan Properties has been a leader in diversified real estate development, investment and management. The close integration of investment and operating capabilities has given Olshan Properties a reputation as one of the leading private owners of commercial real estate in the country. The company’s portfolio encompasses over 10 million sq. ft. of retail space, as well as a multitude of office, residential and hotels nationwide. The company self-manages nearly all of its investments and partnerships through its retail, residential, office and hotel divisions.
Olshan’s Northeast retail presence includes regional, power and community centers, as well as urban retail located in New York, New Jersey and Pennsylvania.
HIGHLIGHTED PROPERTY: The Gate at Manhasset, located in Manhasset, New York, on the North Shore of Long Island, is an open-air luxury shopping center in the midst of a major re-merchandising and redevelopment. Recently added tenants include White House|Black Market, Urban Outfitters, Athleta and Vineyard Vines.
Project Owner: RPAI
Company HQ: Oak Brook, Illinois
Project Location: Gaithersburg, Maryland
Project Size: 258,000 sq. ft. of retail space
Project Status: Open and operating
Company Website: www.rpai.com
Downtown Crown is a Class A mixed-use project located in the Washington, D.C., MSA, and features approximately 258,000 sq. ft. of retail space that is owned and managed by RPAI. The property will also feature a 180-acre Crown community, which is expected to include more than 2,200 residential units upon completion.
Downtown Crown’s owner, Retail Properties of America, Inc., is a self-managed REIT focused on the acquisition, development and management of strategically located retail assets. As one of the largest owners and operators of shopping centers in the United States, RPAI has a diversified mix of assets, including power centers, community centers and lifestyle centers. The company has approximately 16.4 million sq. ft. in its Eastern Division with about 6.8 million sq. ft. in the target markets of New York Metro, Washington D.C./ Baltimore, Atlanta and Chicago.