PREIT to Revitalize Moorestown Mall in Southern NJ
Posted November 15, 2011
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Pennsylvania Real Estate Investment Trust (PREIT/NYSE:PEI) has commenced a multi-faceted repositioning of Moorestown Mall in southern New Jersey.
Paving the way for the transformation of the traditional mall was the voter referendum approved last week that overturned a century old ban on the sale of alcohol in Moorestown Township. The township will now permit alcohol sales with the provision that such sales may be made exclusively at restaurants operated at Moorestown Mall.
PREIT embarked upon a community outreach strategy to secure passage of the referendum. In partnership with a grassroots township citizens group, PREIT educated local voters on the positive tax impact and job creation associated with property enhancements tied directly to the addition of fine dining.
PREIT will purchase four liquor licenses for the property when authorized and is actively pursuing lease negotiations with several well-known restaurant groups including Chef Marc Vetri.
"These sought-after restaurants, combined with anticipated new retail and a new 12-screen cinema, are expected to serve as a catalyst to significantly increase foot traffic, extend length of visit and upgrade the overall merchandise mix of Moorestown Mall," said Joseph F. Coradino, President of PREIT Services LLC and PREIT-RUBIN, Inc. in a statement.
Moorestown Mall is an enclosed 1.0 million square foot regional shopping mall located in southern New Jersey, 10 miles from Center City Philadelphia. Anchored by Macy's, Lord & Taylor, Sears and Boscov's, the center also features national retailers such as Aéropostale, American Eagle Outfitters, Bath & Body Works, Eastern Mountain Sports, Express, GAP, Hollister Co., New York & Company, Victoria's Secret and Zumiez.
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