WHITEHALL, Pa., Oct 25, 2006 (BUSINESS WIRE) -- Simon Property Group, Inc. (NYSE:SPG) and Pennsylvania Real Estate
Investment Trust (NYSE:PEI) (PREIT) announced that construction has
begun on an approximately 110,000 square foot lifestyle expansion of
Lehigh Valley Mall in Whitehall, Pennsylvania (Allentown). The new
addition is scheduled to open in August 2007. The redevelopment
efforts will be managed by Kravco Simon Company, the property manager.
It was also announced today that a major renovation of the
existing mall will take place and be finished at the same time.
Lehigh Valley Mall is a 1,040,000 square foot regional mall
located in Whitehall, Pennsylvania at the intersection of U.S Route 22
and MacArthur Road and is currently anchored by JCPenney, Macy's and
the recently-opened Boscov's and includes over 130 stores and
The new lifestyle expansion, which is expected to add
approximately 20 new retail tenants and restaurants, will be located
between JCPenney and Macy's on the MacArthur Road side of the
property. The largest new store in the expansion will be Barnes &
Noble (30,000 square feet).
An enviable list of small shop tenants are also coming to the
lifestyle expansion at Lehigh Valley Mall. These include Williams
Sonoma, Pottery Barn, Ann Taylor, Ann Taylor Loft, Sephora, Coach,
White House/ Black Market, Sharper Image, Chico's, Soma, Coldwater
Creek and Piazza Di Giorgio.
Shoppers will notice a number of improvements as the renovation
takes place including new lighting, new elevators and escalators and
remodeled restrooms and mall entrances.
A new 30,000 square foot Barnes & Noble will be one of the
highlights of the new retail offerings. Barnes & Noble pioneered the
concept of the book superstore, combining vast inventory selection in
books, music, DVD and magazines with comfortable ambiance. Barnes &
Noble's cafes and local marketing programs have made its bookstores
anchors in their communities and great places to spend leisure time.
"The whole community is really going to enjoy the new lifestyle
addition to the mall," said Mark Gray vice president of development at
Simon. "This project will give Lehigh Valley Mall a fresh new look and
feel," Gray continued.
"This redevelopment will solidify the property's preeminent
position in the market place," said Joseph F. Coradino, president of
PREIT Services LLC and PREIT RUBIN Inc. "We strongly believe the
changes to this mall will meet the needs of the growing Lehigh Valley
Mall area and its affluent shopper base by delivering a better
assortment of stores and more customer amenities."
Simon Property Group, Inc., an S&P 500 company headquartered in
Indianapolis, Indiana, is a real estate investment trust engaged in
the ownership, development and management of retail real estate,
primarily regional malls, Premium Outlet Centers(R) and
community/lifestyle centers. The Company's current total market
capitalization is approximately $46 billion. Through its subsidiary
partnership, it currently owns or has an interest in 284 properties in
the United States containing an aggregate of approximately 200 million
square feet of gross leasable area in 38 states plus Puerto Rico.
Simon also owns interests in 52 European shopping centers in France,
Italy, and Poland; 5 Premium Outlet centers in Japan; and one Premium
Outlet center in Mexico. Additional Simon Property Group information
is available at www.simon.com. Simon Property Group, Inc. is publicly
traded on the NYSE under the symbol SPG.
Kravco Simon Company (formerly Kravco Company) has been managing
and developing commercial real estate, primarily regional shopping
malls, for over 50 years. Headquartered in King of Prussia,
Pennsylvania, Kravco Simon currently manages over 14 million square
feet of commercial real estate located in Pennsylvania, New Jersey,
Maine and Florida. For additional information about Kravco Simon
Company and its managed properties, go to www.kravcosimon.com.
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 retail shopping malls and power centers (approximately 34.4 million
square feet) located in the Mid-Atlantic region or in the eastern
United States. PREIT's portfolio currently consists of 51 properties
in 13 states. PREIT's portfolio includes 39 shopping malls, 11 strip
and power centers and one office property. PREIT is headquartered in
Philadelphia, Pennsylvania. PREIT's website can be found at
www.preit.com. PREIT is publicly traded on the NYSE under the symbol
SOURCE: Pennsylvania Real Estate Investment Trust and Simon Property Group, Inc.
Simon Property Group
Les Morris 317-263-7711