PREIT Calls JCPenney Closure 'Significant Opportunity'

VINELAND, NJ—PREIT says the announced closing of the 51,000-square-foot JCPenney store at Cumberland Mall in Vineland, NJ gives the real estate investment trust a “significant opportunity to add value” at the regional mall.

“We are pleased that only one of the malls in our portfolio will be impacted by JCPenney’s recent store closing announcement and that repurposing this location represents a significant opportunity to add value, given its premier position at the center and the existing economics,” says Joseph F. Coradino, CEO of PREIT.  “It is also noteworthy that JCPenney did announce store closings at two of the malls we recently sold, which demonstrates the improved portfolio quality we have achieved through our strategic disposition program.”