PREIT and CBRE Join Forces to Chart New Future for Plymouth Meeting Mall (1/28/21)
Ideally-Situated Asset Creates Opportunity for Vast Array of Uses
HILADELPHIA, Jan. 28, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of distinctive real estate in high barrier-to-entry markets, today announced that the Company has engaged CBRE to help execute its vision to bring a multitude of new uses to Plymouth Meeting Mall as the Company furthers its strategy of transforming its portfolio into multi-use destinations.
Located at the intersection of the Pennsylvania Turnpike, Interstate 476, and the Northeast Extension with over 90 million cars passing the property annually, Plymouth Meeting Mall offers a differentiated experience to an expanded trade area. The property counts among its offerings one of 9 LEGOLAND Discovery Center locations in the country; Whole Foods; Dave & Buster's; a renovated AMC Movie Theatre; Cyclebar, an indoor cycling studio; five existing sit-down restaurants and quick service food options. Today, nearly half of the property's space is dedicated to dining and entertainment, underscoring PREIT's early adoption of these experiential offerings to reimagine the retail experience.
As part of its efforts to drive the quality of its portfolio and upgrade anchor spaces, Plymouth Meeting Mall has welcomed over 200,000 square feet of new retail, dining and experiential concepts to its tenant mix at Plymouth Meeting Mall recently, including: Dick's Sporting Goods, Burlington, Miller's Ale House, Edge Fitness, Michael's, Sola Salon and Restore Hyperwellness & Cryotherapy, Ideal Image, Roll by Goodyear and Plymouth Performing Arts. Upon opening in early February, Shake Shack will become the newest addition to this dynamic roster.
"PREIT has retained the broad enterprise resources of CBRE to source development and investment partners in non-retail sectors including life sciences, biotech, education and others as well as conventional office users that will take advantage of the region-leading location, access, and strong retail amenity base," according to Steven Gartner, Executive Vice President of CBRE, who's leading the company's multidisciplinary team.
"Through smart integration of non-retail uses alongside our array of retail segments and entertainment, dining, grocery, wellness and fitness, PREIT is committed to its plan to maximize the value of its distinctive real estate portfolio through the introduction of the highest and best uses available across its portfolio," said Joseph F. Coradino, CEO of PREIT.
This effort complements PREIT's multi-use destination effort already underway. Plymouth Meeting Mall is expected to benefit from Company's plan to diversify the mix of uses at its mall sites to produce a broader consumer base, create stronger business models and provide greater market flexibility. Like many of PREIT's Philadelphia and DC-area properties, Plymouth Meeting Mall is ideally situated for a new mix of uses with tremendous access to roadways and an amenity-rich platform.
Coradino continued, "Our foresight has shaped a high-quality real estate portfolio with a strong retail core that attracts a distinctive mix of new uses to redefine the future-ready retail and leisure district. The synergistic additions of office users will benefit our existing tenants and communities by increasing visits to the property and delivering a new customer."
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.