The recent renovation and re-tenanting of the Mall at Prince George’s has paid off for mall owner Pennsylvania Real Estate Investment Trust, with sales increasing 23% to $557 per square foot in the past year, PREIT said in early September.
That brings the Mall at Prince George’s sales total above that of PREIT’s other local mall, Springfield Town Center, for the first time. (They’re neck and neck, however; Springfield’s third quarter sales per square foot averaged $555.)
The company has seen other encouraging signs of life at the mall: traffic is up 20% for the 12 months ending July 31, compared with the previous 12 months. Occupancy has also held steady at or above 98% and is currently at 98.7%, according to PREIT (NYSE: PREIT) spokeswoman Heather Crowell.
The uptick in sales and traffic came after PREIT spent approximately $30 million to renovate the mall in 2018. But the improvements exceeded PREIT’s projections, Crowell said.
“The mall across categories is the best performing redevelopment we’ve seen,” Crowell said. “I guess the community’s really taking to what we’ve done there.”