Tenant Update

Philadelphia -- The trustees of Pennsylvania Real Estate Investment Trust (“PREIT”) announced that Joseph F. Coradino will become CEO of the company as of the company’s annual meeting on June 7, succeeding Ronald Rubin, who will serve as executive chairman.

Coradino has been with PREIT and a predecessor company for three decades, serving since 2004 as president of PREIT Services, LLC and PREIT-Rubin, Inc., and as a member of the office of the chairman. He has been a trustee of PREIT since 2006.

Voorhees, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust announced that The Sporting Club fitness center has opened a 13,000-sq.-ft. satellite location at Voorhees Town Center, located in Voorhees, N.J.

Located on the Boulevard, Sporting Club joins Firecreek Restaurant + Bar, Doghouse Gourmet Burgers, Coffee Works Café, Rizzieri Studio Salon, Rizzieri Aveda School for Beauty & Wellness, Rizzieri School for the Healing Arts, and It’s A Doggie Dog World, which just opened in early March.

When North Plainfield, N.J.-based Levin Management took over as leasing and managing agent for Fairlane Village Mall – located in Pottsville, Pa. – in 2006, the impending economic downturn, a likely 80,000-sq.-ft. vacancy and growing industry consensus that the days of the small-market malls were numbered created a perfect storm of challenges.

Six years later, the 405,000-sq.-ft. property serves as a repositioning benchmark. Its success story is underscored by the March 2012 opening of Kohl’s and the impending arrival of Michaels later this year.

Moorestown, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that three stores are opening at Moorestown Mall this spring, furthering the entertainment offerings for mall shoppers and area residents.

Play N Trade, a specialty video game retailer, will open in the Sear’s wing next to GNC; Books for Less is opening in the Boscov’s wing next to Spencer’s; and a nail salon, Nailery, is opening next to the Chipotle entrance.

Hickory, N.C. -- North Plainfield, N.J.-based Levin Management Corp. announced that Lumber Liquidators will open a 6,000-sq.-ft. store at Hickory Plaza, located in Hickory, N.C.

This newest store for Lumber Liquidators represents the chain’s ninth in the state.

The 133,000-sq.-ft. Hickory Plaza is leased and managed by Levin.
 
 

Tucson, Ariz. -- Commercial Real Estate Advisors said that Goodwill has signed a lease for 1,500 sq. ft. at Placita de Oro Shopping Center, in the Oro Valley section of Tucson, Ariz.

This will be Goodwill’s second location in the area and will be utilized as a donation center only.
 

Hoffman Estates, Ill. -- Sears Holdings Corp. announced Tuesday that it has named David Lukes as president, real estate development for the company.

Lukes was previously president and CEO of real estate firm Mall Properties.

Lukes has been charged with leading Sears’ efforts to further develop its real estate assets, including those that are now non-retail.

Northridge, Calif. -- Chicago-based General Growth Properties announced that Brooke Whitebread has been named general manager of its Northridge Fashion Center property, located in Northridge, Calif.

Whitebread will oversee coordination and implementation of strategic advertising, public relations, budgeting, retailer relations and special events.

Whitebread comes from a GGP-owned center, Fashion Place in Salt Lake City, Utah where she developed and executed strategic marketing plans.