One of the country's shopping meccas, King of Prussia Mall is one of a handful of malls able to generate over $1 billion in sales annually. Major national anchor tenants include Nordstrom, Neiman Marcus, Lord & Taylor, Bloomingdale's, Macy's, JCPenney and Sears; altogether the Mall houses some 400 international, national, regional and local tenants.
There are also several tenants at King of Prussia Mall leasing space at below market rates whose leases are rolling over, Pelusi says in a prepared statement. Also, the redevelopment of the former Strawbridge Department Store, now owned by Pennsylvania Real Estate Trust, will also be a plus for a prospective buyer, he adds. "We anticipate that an asset of this quality will command unprecedented investor interest and pricing," he explains in a release.
Headquartered in Australia, Lend Lease is an international property group structured into five sections: retail, communities, public/private partnerships, investment management, and project management and construction.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
