Wednesday, February 1, 2017

King of Prussia Town Center put up for sale

by Natalie Kostelni Reporter, Philadelphia Business Journal
The King of Prussia Town Center, a newly developed retail destination that counts Nordstrom Rack, REI, Ulta and Davio’s Northern Italian Steakhouse among its tenants, is up for sale.

The 263,423-square-foot center was developed by JBG Cos. and what is now known as Williard Retail, a company formed last year by former veterans of JBG Rosenfeld Retail, a management and leasing division bought by JBG Cos. A segment of the company that remained was transformed into Willard Retail.

The property is 84 percent leased, according to marketing materials from East Dil Secured, which has the listing. Among its other tenants are L.A. Fitness, Fogo de Chao, City Works and several fast-casual restaurants such as Naf Naf Grill and Honey Grow. A representative from East Dil declined to comment.

JBG’s leasing strategy involved assembling a compelling group of tenants that provide high-quality dining and shopping opportunities in a town center setting that would be a unique destination in the suburbs. Placemaking, or creating an environment where people want to visit and linger for a period of time, is a big part of its approach. To that end, there are fire pits, seating, and organized events at the project.

“If you think about the bigger picture of what is going on around this project, we wanted to assemble retailers that give people a lot of reasons to come to the King of Prussia Town Center,” said Tom Sebastian, senior vice president of development at JBG, in an interview last year with the Philadelphia Business Journal.

Neither Sebastian nor a JBG spokesman could be reached for immediate comment.
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