Friday, January 16, 2015

PREIT Calls JCPenney Closure ‘Significant Opportunity’

by Steve Lubetkin, Staff write for
PREIT says the announced closing of the 51,000-square-foot JCPenney store at Cumberland Mall in Vineland, NJ gives the real estate investment trust a “significant opportunity to add value” at the regional mall.

"We are pleased that only one of the malls in our portfolio will be impacted by JCPenney's recent store closing announcement and that repurposing this location represents a significant opportunity to add value, given its premier position at the center and the existing economics," says Joseph F. Coradino, CEO of PREIT.  "It is also noteworthy that JCPenney did announce store closings at two of the malls we recently sold, which demonstrates the improved portfolio quality we have achieved through our strategic disposition program."

PREIT has successfully replaced 10 department store tenants in the past 10 years. In 2014, the Company executed 480,000 square feet of leases with anchors, big box and office tenants.

Cumberland Mall, one of the area's leading shopping destinations, is well-located with more than 18 million cars passing the property annually.  The Cumberland Mall is at the intersection of Routes 55 and 47 in southern New Jersey, along one route to the Jersey Shore, a regional tourist and vacation home destination. The anchor box occupied by JCPenney is particularly well-located at the number one entrance for vehicular traffic with visibility from the major roadways.  In addition, the hybrid nature of the center, which combines the convenience of a power center and an enclosed mall, lends itself to a multitude of options.

As of September 30, 2014, the Cumberland Mall was 94.3% occupied and generated comparable sales per square foot of $298.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.