PREIT Completes Key Step in Portfolio Transformation with Opening of Woodland Mall Expansion

PREIT today celebrates the opening of the highly-anticipated Woodland Mall expansion wing. In 2017, the Company proactively recaptured the Sears store to make way for new and compelling uses, ensuring the long-term strength of this market-dominant destination. The project will feature a line up of high-impact tenants, many of which are exclusive and new-to-market.

New Retailers
First-to-portfolio retailer Von Maur, now open in 90,000 square feet, marks the department store’s first in the region. The addition of this sought after retailer will complement the existing high-quality roster of tenants at Woodland Mall – including Apple, Lush, Altar’d State, A’Beautiful Soul, Dry Goods and Pottery Barn among others – and meet the retail demand of the strong shopper demographics of the region. The opening of Von Maur and PREIT’s strategic investment in the redevelopment will continue to attract new and dynamic merchants to diversify the tenant roster and drive traffic and sales to the property.

Von Maur will be joined by a series of new-to-portfolio and new-to-market retailers at the mall, including:

  • Urban Outfitters
  • Sephora (coming soon)
  • White House | Black Market (coming soon)
  • Newly renovated and expanded Williams-Sonoma
  • Newly renovated and expanded Bath & Body Works/White Barn Candle
  • Tricho Salon
  • Paddle North
  • Mobile Station
  • REI opened in a 20,000 square foot store in May 2019

New Dining Options

  • Black Rock Bar & Grill, an award-winning steakhouse and first-to-market experiential dining offering, has recently joined the roster.
  • The Cheesecake Factory will open its second location in Michigan and its only location in over 50 miles. The 8,500 square foot restaurant is expected to open in November 2019.

“The opening of Von Maur, known to its customer for exceptional quality and service, joining forces with the region’s only Apple and The Cheesecake Factory locations, positions this property as a trophy that aligns with our strategic focus on improving the quality of our portfolio,” said Joseph F. Coradino, CEO of PREIT. “As we focus on creating differentiated experiences for consumers, solidifying Woodland Mall’s place as the premier retail and entertainment destination in Grand Rapids is a key step in improving the value of our portfolio by driving improvements in traffic and sales.”

By the Numbers
Below is a snapshot of key project attributes since the project began:

750New Jobs
19New Retailers
8Retailers Reinvested in their Woodland Mall Stores
20,000Tons of Recycled Concrete
30Acres of Parking Lot Resurfaced with Recycled
Asphalt

Customers can join the fun during the mall’s opening weekend celebration that includes giveaways, fashion shows, live music and activities. Details can be found here.

Grand Rapids, the second largest city in Michigan, is home to over 130 international companies and has been named the 2nd Best Place to Live in the US by the Wall Street Journal.

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