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PREIT Zips Up Former Strawbridge's Space

WILLOW GROVE, PA-A 10,300-sf Cheesecake Factory opens at Willow Grove Park to join a 194,000-sf Boscov's underway at the 1.2-million-sf center.

By Marita Thomas | Updated on September 18, 2007

WILLOW GROVE, PA-Prior to completion of an estimated $38.7-million redevelopment at Willow Grove Park, including the nearly 229,000-sf former Strawbridge’s space, Pennsylvania Real Estate Investment Trust has all but returned the 1.2-million-sf center to full occupancy. A 10,300-sf unit of the Cheesecake Factory is opening on the upper portion of the space, and a new 194,000-sf Boscov’s is scheduled to open in spring 2008.

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.”

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