PREIT’s version of ‘That’s Entertainment’
Dining and entertainment square footage continues to replace that of department stores in PREIT’s mall portfolio.
Last week the Philadelphia-based developer announced that it had signed leases to fill vacated Sears space at two of its properties. Five Below and an unnamed off-price furniture retailer will join Burlington in the former Sears at the Magnolia Mall in Florence, South Carolina.
At Capital City Mall in Camp Hill, Pennsylvania, Fine Wine & Good Spirits signed a lease to join Dick’s Sporting Goods in the old Sears footprint.
This week, PREIT announced plans for entertainment expansion. The company claims that non-anchor space in its portfolio dedicated to dining and entertainment has increased by 36% since 2012.
All In Adventures, an escape room concept, has signed leases to open in Magnolia Mall as well as two other Pennsylvania malls — Viewmont and Willow Grove Park.
Tilt Studio has signed a lease to bring its rides, arcade games, bowling, and laser tag to Patrick Henry Mall in Newport News, Virginia, and Dave & Busters will do a 15% expansion of its location at Springfield Town Center in Springfield, Virginia.
“PREIT has added over one million sq. ft. of dining, entertainment, health and wellness, fast fashion and off price tenants, an increase of more than 70% of space committed to these tenants in five years,” said company CEO Joseph Coradino.
New tenant specialist joins Mid-America
Retail tenant specialist Jack Gray has joined Mid-America Real Estate’s Minnesota operation. He will be representing clients that include Starbucks, Buffalo Wild Wings, and Mills Fleet Farm.
Gray arrives at Mid-America from an internship on Cushman & Wakefield Northmarq’s industrial brokerage team.
Gray is a recent graduate of University of St. Thomas, where he earned a Bachelor’s degree in marketing.
Jack’s interpersonal skills will serve him well in our industry.” Said Mid-America VP of tenant representation, Johnny Reimann.
Phillips Edison acquires Ralph’s-anchored center
Chain Store Age’s “Fastest-Growing Acquirer” for 2016 continues to be hard at it in 2017.
Phillips Edison has purchased Sierra Del Oro Towne Center in Corona, California, about midway between Los Angeles and Palm Springs, for $28.6 million, it was announced this week.
Anchored by a Ralph’s Supermarket, the center is built on 11 acres and includes Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, and a Children’s Montessori Center. According to Hanley Investment Group—broker of the deal on behalf of seller Cornerstone Development Parters—70% of the current tenancy has occupied space for over 10 years.
“Since 2014, there have been 25 retail properties that have traded for over $20 million in Riverside and San Bernardino counties, according to CoStar. Only six of these properties were grocery-anchored, which speaks to the rarity of this type of property,” said Hanley Executive VP Pat Kent.
Sierra Del Oro’s major appeal is its location, Kent said, adding that household income within a one-mile radius exceeds $104,000 and that more than 156,000 people within a five-mile radius.