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PREIT's Springfield Town Center sales exceed $500 PSF in its first full year


Springfield, Va. -- PREIT announced that Springfield Town Center in Springfield, Virginia, has recorded $505 PSF in sales for tenants less than 10,000 sq. ft. open during the center's first full year of operation, 18% above the company's portfolio average as of September 30, 2015.

The newly redeveloped 1.35 million sq. ft. regional mall was acquired by PREIT March 2015 and celebrated its grand re-opening in October 2014 after undergoing a dramatic renovation and rebranding.

Throughout 2015 over 30 new shops and restaurants in have opened their doors in 87,000 sq. ft. at the center including: Nordstrom Rack, Francesca's, Finish Line, New York & Co. and Wood Ranch BBQ, Dave & Buster's among others. Another 73,000 sq. ft. of space is already committed for 2016.

"Springfield Town Center continues to exceed our expectations and is a great representation of the new PREIT portfolio highlighted by high-quality assets in high barrier to entry markets," said Joseph F. Coradino, CEO for PREIT. "The center's robust sales of $505 per square foot and the tremendous leasing performance over the past year underscores the message that PREIT is transforming itself as well as its portfolio. We look forward to 2016 being another year of creating value at the property and throughout our portfolio."

Springfield Town Center is located in Fairfax County, Virginia, one of the wealthiest and highest income counties in the U.S. The mall is located at the intersection of I-95, I-395 and Capital Beltway with average annual daily traffic exceeding 500,000 cars. Anchored by Macy's, Target and J.C. Penney, the shopping center boasts a national line-up of tenants including: Michael Kors, Forever 21, J. Crew, Sephora, H&M, Francesca's Collection, Maggiano's Little Italy, Yard House Restaurant, LA Fitness, Regal Cinema, Dick's Sporting Goods and the Mid-Atlantic's only Topshop.

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