MOORESTOWN, NJ—PREIT has added 40,000 square feet of new leases for the Moorestown Mallin this Burlington County, NJ, suburb of Philadelphia, as part of a redevelopment that PREIT CEO Joseph Coradino calls a successful effort to "unlock the mall's value while giving shoppers an enhanced shopping experience."
An extensive remerchandising of the property has been underway since 2012. The company also marked the completion of the planned overhaul of the Dining Court, redesigned to offer an upgraded environment and amenities.
"I'm pleased to mark these accomplishments and to see the continued evolution of Moorestown Mall," says PREIT CEO Joseph F. Coradino. "This project is yet another example of PREIT's success in improving the quality of our portfolio and strengthening asset value through targeted property-level remerchandising strategies."
The flurry of leasing activity counteracts some of the fallout from the recently announced early exit of a high profile dining establishment at the retail venue.
Last month, Osteria, an upscale dining establishment from popular Philadelphia chef Marc Vetri, announced it had negotiated an early end to its lease and would close November 21 after a two-year run in the mall. It will be replaced by Catelli Duo, which already has a location at the nearby Voorhees Town Center at Echelon, Voorhees, NJ.
PREIT named the following new tenants at Moorestown: Yard House (9,972 square feet) , a restaurant and beer pub; Starbucks Coffee (283 square feet); Liberty Supply Co. (1,447 square feet), a new retail concept featuring US-made apparel, footwear, bags and accessories for men and women; Toy Genius (3,000 square feet), selling toys, games, puzzles and ride-ons, for shoppers "age 0 – 99"; Eye Deals (1,298 square feet), a one-hour vision center; Yankee Candle (1,195 square feet), selling premium scented candles and home fragrance products; Verizon Wireless (1,869 square feet). Earlier, PREIT signed Swedish clothing store H&M to an 18,355 square foot lease.
Other food options added to the mall this fall include Moon Dog Café, Brooklyn Pizza, Suki Hana Japan and Suki Hana Sushi.
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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].
