Tuesday, November 17, 2015

PREIT Announces New Tenants in Moorestown Mall

by Steve Lubetkin, Globest.com
PREIT has added 40,000 square feet of new leases for the Moorestown Mallin this Burlington County, NJ, suburb of Philadelphia, as part of a redevelopment that PREIT CEO Joseph Coradino calls a successful effort to "unlock the mall's value while giving shoppers an enhanced shopping experience."

An extensive remerchandising of the property has been underway since 2012. The company also marked the completion of the planned overhaul of the Dining Court, redesigned to offer an upgraded environment and amenities.

"I'm pleased to mark these accomplishments and to see the continued evolution of Moorestown Mall," says PREIT CEO Joseph F. Coradino.  "This project is yet another example of PREIT's success in improving the quality of our portfolio and strengthening asset value through targeted property-level remerchandising strategies."

The flurry of leasing activity counteracts some of the fallout from the recently announced early exit of a high profile dining establishment at the retail venue.

Last month, Osteria, an upscale dining establishment from popular Philadelphia chef Marc Vetri, announced it had negotiated an early end to its lease and would close November 21 after a two-year run in the mall. It will be replaced by Catelli Duo, which already has a location at the nearby Voorhees Town Center at Echelon, Voorhees, NJ.

PREIT named the following new tenants at Moorestown: Yard House (9,972 square feet) , a restaurant and beer pub; Starbucks Coffee (283 square feet); Liberty Supply Co. (1,447 square feet), a new retail concept featuring US-made apparel, footwear, bags and accessories for men and women; Toy Genius (3,000 square feet), selling toys, games, puzzles and ride-ons, for shoppers “age 0 – 99”; Eye Deals (1,298 square feet), a one-hour vision center; Yankee Candle (1,195 square feet), selling premium scented candles and home fragrance products; Verizon Wireless (1,869 square feet). Earlier, PREIT signed Swedish clothing store H&M to an 18,355 square foot lease.

Other food options added to the mall this fall include Moon Dog Café, Brooklyn Pizza, Suki Hana Japan and Suki Hana Sushi.

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