PREIT (NYSE: PEI) today announced the addition of Yard House at Willow Grove Park, enhancing the mall's tenant roster with a sought after dining experience. Slated to open this winter, Yard House will join Studio Movie Grill as Willow Grove Park aims to "win the weekend" with consumers who can enjoy a high quality shopping and social experience in one place. PREIT's most productive property on a sales per square foot basis, exceeding $700, Willow Grove Park already boasts a impressive lineup of tenants including Bloomingdales, Apple, Michael Kors, Sephora, Vans, The Cheesecake Factory and Primark, among others.
Yard House, which will occupy 8,500 square feet of space, is a modern American restaurant which features the world's largest selection of draft beer. In addition to Yard House's signature and extensive beer selection, the restaurant features a broad menu of American favorites and globally-inspired flavors, from salads, street tacos and grilled burgers to seafood, steaks and ribs. Yard House is also known for its classic rock music boasting a library of 5,000 songs, making it a go-to dining and socializing experience.
"PREIT malls continue to evolve alongside consumer spending patterns and we are pleased to enhance one of our top-performing assets with leading dining and entertainment concepts, further strengthening our portfolio," said Joseph F. Coradino, CEO of PREIT. "Yard House brings a new energy to Willow Grove Park, one that elevates the consumer experience and will extend mall visits."
This transaction underscores PREIT's commitment to transforming the identity of its properties into destinations for social experiences through the addition of a diverse mix of tenants. As spending patterns have shifted toward experiences, PREIT has incorporate dining and entertainment offerings as key pillars in its remerchandising efforts and has increased the space leased to dining and entertainment tenants by nearly 50% since 2012.
In the past year, PREIT has added or signed an impressive list of dining and entertainment tenants, highlighted by many new to portfolio offerings:
| Woodland Mall | Black Rock Bar & Grill*The Cheesecake Factory |
| Cherry Hill Mall | Midici*Fatburger* |
| Springfield Town Center | Maggie McFly's* |
| Moorestown Mall | Joe Italiano's Maplewood*Hash House A Go-Go* |
| Capital City Mall | Dave & Buster'sOutback SteakhousePrimanti Bros |
| Valley Mall | Tilt StudioBlack Rock Bar & Grill |
| MPG | Miller's Ale House |
| Plymouth Meeting Mall | Miller's Ale House* |
*Denotes new to PREIT's portfolio
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
