PHILADELPHIA, July 9 /PRNewswire/ -- Pennsylvania Real Estate Investment
Trust (NYSE: PEI) announced today that it has completed the purchase of a
100-acre site for Paxton Towne Centre, a 560,000 square foot power center in
Harrisburg, PA. The new power center will house well-known retail tenants
such as Target Stores, Weis Markets and Kohl's. The project, which was to be
developed by the Company and privately held Glimcher Group, of Pittsburgh,
Pa., will now be 100% developed and owned by the Company. The total cost of
the center is estimated at $54 million.
Paxton Towne Centre will be strategically located on U.S. Route 22 in
Harrisburg, Pennsylvania's dominant retail corridor between Interstates 83 and
81, just east of Colonial Park Mall. Construction on the center is expected
to begin in early July and be completed in July of 2000.
Paxton Towne Centre has 6 anchor tenants, including Target Stores, which
will occupy 124,000 square feet, and Kohl's Department Stores, which will
occupy 87,000 square feet. Weis Markets will be leasing a 65,000 square foot
flagship store. Other anchor tenants will include Borders Books and Music,
Michael's and Bed, Bath & Beyond. Other tenants retained for the project
include Bryn Mawr Stereo, Gateway Country Store and Silver Diner. The center
will also offer considerable shop space and several outparcels that the
Company expects to add prior to the completion of the project. Uses for these
stores may include electronics, men's and women's clothing, restaurants, and a
multiplex cinema.
Commenting on the Paxton Towne Centre development, Andy Bottaro, PREIT's
Development Director, commented, "We are very pleased to begin construction of
this first class development project, which offers a highly strategic physical
location for retailers to serve the Harrisburg market. Based on the strength
of the real estate location the center has attracted a high caliber roster of
well-known tenants including Target Stores, Kohl's and Weis Markets."
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the
first equity REITs in the U.S., has a primary investment focus on shopping
centers (approximately 8.0 million square feet) and apartment communities
(7,241 units) located primarily in the eastern United States. The Company's
portfolio currently consists of 47 properties in 10 states. In addition,
there are 6 retail properties under development. PREIT is headquartered in
Philadelphia, PA.
With the exception of the historical information contained in the release,
the matters described herein contain forward-looking statements that are made
pursuant to the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve various risks and may cause
actual results to differ materially. These risks include, but are not limited
to, the ability of the Company to grow internally or by acquisition, and to
integrate acquired businesses, changing industry and competitive conditions,
and other risks outside the control of the company referred to in the
Company's registration statement and periodic reports filed with the
Securities and Exchange Commission.
SOURCE Pennsylvania Real Estate Investment Trust
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Related links:
http://www.preit.com
CONTACT:
Andrew Bottaro, Development Director of
Pennsylvania Real Estate Investment Trust, 215-875-0700; or
general info, Joe Calabrese, analyst info, Pamela King, or media
info, Judith Sylk-Siegel, of The Financial Relations Board,
212-661-8030
NOTE TO EDITORS: To receive additional information on
Pennsylvania Real Estate Investment Trust via fax at no charge,
please dial 1-800-PRO-INFO and enter the ticker symbol PEI
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