Pennsylvania Real Estate Investment Trust PEI also known as PRIET, has announced the opening of the Saks Fifth Avenue OFF 5TH, the top-class destination for top designer brands at Town Center in Springfield, VA. This move is in line with the Philadelphia, PA-based retail real estate investment trust’s (“REIT”) strategy of enhancing the Springfield Town Center portfolio as well as to augment the quality of its overall portfolio.
Saks Fifth Avenue OFF 5TH occupies 30,000 square feet and marks PREIT’s first mall location in Northern Virginia. This luxury value retailer with over 800 brands at up to 70% discount, will well complement the varied tenant mix Springfield Town Center.
PREIT is engaged in acquiring and holding investment interests in real estate. Notably, located in Fairfax County, Springfield Town Center was reopened in Oct 2014, in a grand ceremony. Since then, the center has added new and high-quality tenants, raising the footfall significantly. The latest addition is another feather in the cap for the center.
PENN RE INV TR Price
PENN RE INV TR Price | PENN RE INV TR Quote
Currently PREIT carries a Zacks Rank #3 (Hold).
Investors interested in the retail REIT sector can consider some better-ranked stocks like American Assets Trust, Inc. AAT, EPR Properties EPR and Weingarten Realty Investors WRI. All these stocks hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
PENN RE INV TR (PEI): Free Stock Analysis Report
AMER ASSETS TR (AAT): Free Stock Analysis Report
WEINGARTEN RLTY (WRI): Free Stock Analysis Report
EPR PROPERTIES (EPR): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research