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TENANT UPDATE

Coradino sees ‘new mall’ rising
CEO Joe Coradino and PREIT are serious about recapturing vacant department store space and refilling it with new customer experiences. Just weeks after the opening of a Legoland Discovery Center at its Plymouth Meeting Mall in the Philadelphia suburbs, PREIT announced it had executed a lease at that property with 5 Wits, a live-action entertainment concept that immerses people into one of three adventures: Tomb, Deep Space, or Drago’s Castle.
Wegman’s to anchor new NRDC center
National Realty & Development Corp. landed the first anchor for its new project in Middletown, New Jersey, and it’s a whopper.

PREIT issues State of Repositioning report

There was a time, not long ago, when mall owners crowed about their Sears, Macy’s and J.C. Penneys. Now, one has issued a chronicle of its systematic decommissioning of department store anchors. That owner is PREIT, and CEO Joe Coradino claims his company was ahead of the curve in the decline of some of the biggest names in retail.

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