PREIT (PEI) to Initiate Redevelopment of Exton Square Mall
In a notable development, Pennsylvania Real Estate Investment Trust PEI, commonly known as PREIT, has announced the beginning of the first phase of redevelopment of Exton Square Mall located in Chester County. The repositioning of this well-located property with favorable demographics is likely to drive sales as well as net operating income for this Philadelphia, PA-based real estate investment trust.
PREIT is engaged in acquiring and holding investment interests in real estate. The company owns and operates around 27 million square feet of retail space in the Eastern U.S. As a part of the redevelopment, PREIT acquired the land parcel underlying the existing store which enabled demolition and construction of the new Whole Foods. Demolition work is likely to begin in April 2016 and the Whole Foods outlet is likely to open in 2017.
The trade area of Chester County is home to 525,000 residents and it boasts the highest per capita income in Pennsylvania region. Additionally, easy accessibility of the property has added to its attraction. PREIT also inked a lease deal with Round 1 Entertainment, offering attractions like bowling, billiards, ping pong and more.
PREIT carries a Zacks Rank #4 (Sell). Investors interested in the retail REIT industry may also consider stocks like National Retail Properties, Inc. NNN, Realty Income Corporation O and Regency Centers Corporation REG. All these stocks hold a Zacks Rank #2 (Buy).
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