PHILADELPHIA, PA—PREIT says the impending closing of three Macy's stores in its mall portfolio (Moorestown, NJ; Plymouth Meeting, PA; and Valley View Mall, LaCrosse, WI) have given the real estate investment trust an opportunity to reposition the store real estate quickly, taking advantage of marketplace changes affecting the mall properties.
Macy's announced earlier this week that it would close 68 stores over the next several months including four in Pennsylvania and New Jersey. Two of the closing stores in New Jersey and Pennsylvania are at PREIT-owned malls, one is at the Namdar Realty Group's Voorhees Town Center, formerly the Echelon Mall, in Voorhees Township, NJ, and one is at the Neshaminy Mall, in Bensalem, PA, owned by Chicago-based General Growth Properties.
Kevin Berry, senior vice president of investor and public relations at General Growth Properties, tells GlobeSt.com that GGP “doesn't have an official comment on the news from Macy's.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
