PREIT completes South Mall sale, agrees to sell two more
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.
South Mall is a 406,000-sq.-ft. mall located in Allentown, Pennsylvania, anchored by SteinMart and Bon Ton. Sales at South Mall were $227 per square foot and non-anchor occupancy was 90.6% as of March 31, 2014. Nittany Mall is a 534,000-sq.-ft. mall located in State College, Pennsylvania, anchored by J.C. Penney, Sears, Bon Ton and Macy’s. Sales at Nittany Mall were $230 per square foot and non-anchor occupancy was 75.8% as of March 31, 2014. North Hanover Mall is a 452,000 sq. ft. mall located in Hanover, Pennsylvania, anchored by J.C. Penney, Sears, Dick’s Sporting Goods and a new Burlington Coat Factory. Sales at North Hanover were $275 per square foot and non-anchor occupancy was 79.3% as of March 31, 2014.
Sales and occupancy at these properties generally lag PREIT’s portfolio that averaged sales of $377 per square foot and had non-anchor occupancy of 90.3% as of March 31, 2014, making the properties ideal candidates for the Company’s disposition program.
PREIT began its disposition program in 2012 as part of its portfolio reconstituting initiative. The company has sold four non-core malls to date, generating average sales per square foot of $227 at the time of the respective closings. In total, PREIT’s disposition program has generated over $250 million since its inception in 2012.
"The successful completion of the sale of South Mall, coupled with our agreement to sell Nittany and North Hanover Malls, is a significant step for PREIT," said Joseph F. Coradino, CEO of PREIT. "We have made meaningful strides in reconstituting and elevating PREIT’s portfolio quality, particularly at a time when the market is inundated with lower quality assets for sale. With the near completion of our disposition program, we are keenly focused on successfully operating our higher-quality properties, which have the most potential for long-term value creation and strong operating results. I am confident that our shareholders will be pleased with the value proposition in PREIT’s higher-quality portfolio."
Bass Pro Shops to open 145,000-sq.-ft. store in upstate New York
Victor, N.Y. — Bass Pro Shops announced plans for a new Bass Pro Shops Outdoor World in Victor, New York, which is part of the Rochester metro area. The 145,000-sq.-ft. store will be the primary anchor for Fishers Ridge, a 96-acre mixed-use development. The store has a tentative opening date of 2016.
This will be the company’s third store in New York, as it currently operates stores in Auburn and Utica. This will be the first large-format store in the Empire State.
“Placing our new store at this highly visible location near the New York State Thruway will allow us to bring Bass Pro Shops’ low prices and famous friendly, expert service to better serve the region’s sportsmen and women, as well as the many visitors to this area each year,” said Johnny Morris, founder of Bass Pro Shops.
The Victor Bass Pro will combine retail, entertainment, conservation and outdoor education. It will feature a nautical-themed, Uncle Buck’s Fishbowl & Grill, which combines casual dining with bowling. There will be 12 lanes, offering customers the chance to feel like they are bowling under the sea.
In keeping with the retailer’s hunting and fishing heritage, the outdoors feel will be brought indoors through massive log and rock work, large indoor aquariums and water features stocked with native fish species, as well as an extensive collection of museum-quality fish and wildlife mounts. Historic photos and exhibits will pay tribute to the region’s great outdoor heritage.
To see the Uncle Buck’s Fishbowl & Grill, click here. www.youtube.com/watch?v=wwMxwQuaz1w&feature=youtu.be
dd’s Discounts to open first New Jersey store
Dublin, Calif. — dd’s Discounts, a division of Ross Stores, will open its first store in New Jersey, in the town of Ewing, on June 28.
Including this new location, dd’s Discounts will operate approximately 140 locations in 11 states. The company is on schedule to complete its expansion plan to open approximately 20 locations in 2014.
Together, Ross Dress for Less and dd’s Discounts currently operate over 1,300 off-price apparel and home fashion stores in 33 states, the District of Columbia and Guam.