Pennsylvania Real Estate Investment Trust (PEI - Free Report) also known as PRIET, has announced the opening of the Saks Fifth Avenue OFF 5TH, the top-class destination for top designer brands at Town Center in Springfield, VA. This move is in line with the Philadelphia, PA-based retail real estate investment trust’s (“REIT”) strategy of enhancing the Springfield Town Center portfolio as well as to augment the quality of its overall portfolio.
Saks Fifth Avenue OFF 5TH occupies 30,000 square feet and marks PREIT’s first mall location in Northern Virginia. This luxury value retailer with over 800 brands at up to 70% discount, will well complement the varied tenant mix Springfield Town Center.
PREIT is engaged in acquiring and holding investment interests in real estate. Notably, located in Fairfax County, Springfield Town Center was reopened in Oct 2014, in a grand ceremony. Since then, the center has added new and high-quality tenants, raising the footfall significantly. The latest addition is another feather in the cap for the center.
Currently PREIT carries a Zacks Rank #3 (Hold).
Investors interested in the retail REIT sector can consider some better-ranked stocks like American Assets Trust, Inc. (AAT - Free Report) , EPR Properties (EPR - Free Report) and Weingarten Realty Investors (WRI - Free Report) . All these stocks hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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