PREIT Creates New Magnolia Mall Shopping Experience With Completion of Proactive Anchor Recapture
Summary
These first-to-region retailers join Burlington, which opened in September 2017, completing the anchor replacement initiative for the space formerly occupied by Sears, which was proactively recaptured by PREIT. "A thoughtfully curated and diverse tenant mix is the future of our industry, and these new additions have enhanced the shopping experience at Magnolia Mall, further strengthening its position in the market," said Joseph F. Coradino, CEO of PREIT. PREITs remerchandising efforts along with a growing local economy have already generated strong results with sales as of February 28, 2018 reaching an all-time high of $451 per square foot. Given its proximity to the I-95 and I-20 highways, Florence is a highly-trafficked stop for travelers between the Northeast Corridor and Florida – with nearly a dozen hotels and 1,000 rooms located adjacent to Magnolia Mall. PREITs robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S. with concentrations in the mid-Atlantics top MSAs.
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