PREIT, which quickly exited Chapter 11 and got back to the business of reshaping its mall portfolio, has executed a lease for a self-storage facility at the Mall at Prince George’s in Hyattsville, Md.
“It’s another example of PREIT’s plan to maximize the value of its distinctive real estate portfolio through the introduction of the highest and best uses available across its portfolio,” said CEO Joseph F. Coradino.
The site will be developed by Poverni Sheikh Group--its 10th self-storage project in the Mid-Atlantic region. The approximately 90,000-sq.-ft. facility of drive-in sub grade space is expected to open in Q1 2022. PREIT’s executive VP of strategy and communications Heather Crowell said that the brand has been determined for the self-storage facility, but could not yet be released.
PREIT’s strategy for creating malls suited to 21st Century consumers is to provide them with diverse and expansive centers with healthy mixes of attractions and uses. Popular food and beverage chains like Chipotle and Outback Steakhouse, high-value brands like Marshall’s and Dress for less, and fitness centers such as Planet Fitness have all established new locations in PREIT properties in recent years.