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PREIT Closes on Springfield Town Center Acquisition

PREIT just acquired the newly developed 1.35M SF Springfield Town Center in Springfield, VA, along with the right to develop over 3M SF of additional space. The company paid $465M for the mall, with the deal calling for $340M in cash, plus 6.25 million units of its operating partnership, valued at $125M. The new Springfield Town Center has a grand entrance with restaurants and outdoor dining, a recently redesigned layout, new finishes, and unique gathering spaces and amenities, PREIT announced. Over 60k SF in new leases have been executed since the Oct. 14 tenant roster was released, and about 64k SF of tenant space, including Nordstrom Rack, is expected to open in Q2.