Reading-based Boscov's acquired this Strawbridge's unit from Federated Department Stores in February 2006 as part of a 10-property portfolio, following Federated's acquisition of the May Department Stores Co. The following June, Philadelphia-based PREIT obtained an assignment from Boscov's to acquire the Strawbridge's unit at this center with plans to lease a portion back to Boscov's and expand the remaining space into an entertainment and lifestyle area.
By this June 30, PREIT had invested $19.7 million in the project. A spokesman tells GlobeSt.com that the remaining redeveloped lifestyle space will house "other retailers and/or restaurants not yet named."
Aside from the former Strawbridge's area, additional new tenants at the center include Bachrach, a two-level H&M and White House/Black Market. Sephora will open this month. The tri-level Willow Grove Park at 2500 Moreland Rd. dates back to 1982, and it was completely redeveloped in 2001. It features a carousel ride and Victorian-inspired architecture that reflect the site's former amusement park.
Anchors are Bloomingdale's, Macy's and Sears. Among the more than 130 tenants are abercrombie, Abercrombie & Fitch, Ann Taylor, Banana Republic, Coach, J. Jill, J. Crew, Lucky Brand jeans and Williams Sonoma.
According to a PREIT supplement filed with the SEC, as of this June 30, the average base rent for non-anchor space was $41 per sf, and sales averaged $446 per sf. That represents a 1.3% rise in average base rent and a 1.6% increased in sales per sf, compared with the same time a year ago.
"We are pleased to add the Cheesecake Factory and a great collection of retailers to Willow Grove Park to further enhance the experience of area shoppers," says Joseph Coradino, president of the PREIT Services LLC and RREIT-Rubin Inc. PREIT affiliates, in a statement. According to the supplement, the addition of Boscov's and the Cheesecake factory will take occupancy at the center to 97.7%.
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