Philadelphia-based Pennsylvania Real Estate Investment Trust owns 50% of the mall property, and Simon Property Group, headquartered in East Indianapolis, IN, owns 38% of the asset. According to a Simon SEC supplemental report, an affiliate of its subsidiary, King of Prussia-based Kravco Simon Co., which is handling the redevelopment and manages the mall, owns the remainder. The center is located at the intersection of US Rte. 22 and MacArthur Rd.
The aggregate cost of the renovation and expansion is approximately $44 million. A PREIT spokesperson confirms that its portion of the cost is $21.5 million, and Simon footed $16 million of the bill.
According to the spokesperson, 110,000 sf of the lifestyle section is leased. The new tenants are: Barnes & Noble, Williams Sonoma, Pottery Barn, Ann Taylor, Ann Taylor Loft, Sephora, Coach, White House/Black Market, Chico's, Soma, Coldwater Creek, J. Crew, Apple and Yankee Candle. New eateries are Bravo, Bonefish Grill and Cold Stone Creamery.
The renovation of the existing mall includes new lighting, fresh paint, remodeled entrances, new escalators, a new skylight, renovated restrooms and food court upgrades. The work now underway is scheduled for completion in early 2008. A grand opening is set for this Oct. 26 through 28.
According to a PREIT June 30, 2007 supplemental report, the Lehigh asset was 95.8% occupied, and the average base rent was $39.29 per sf, up 3.5% from the same time in the previous year. Sales per sf average $490, according to the report.
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