PREIT, which owns 30% of the facility, will serve as general managing partner of the center going forward. Previously, the REIT had a limited partnership interest and received fees for managing the property and performing construction oversight services.

Included in the redevelopment was the addition of a 225,000-sf, three-level Macy's department store, which joins existing anchors Sears and Strawbridge's at the 91%-leased center. The mall also includes 130 fashion-focused stores and 11 food-court units. Other upgrades include construction of a new 700-car parking garage and common-area improvements.

The mall was originally developed by a partnership of the Rubin Organization and Federated Stores Realty. The Rubin Organization was acquired by PREIT in 1997. Macy's is a division of Federated Department Stores Inc. This is the first Philadelphia-area Macy's department store opened in more than 20 years.