 |
|
News/Releases : Real Estate & Construction
|
|
|
Pennsylvania Real Estate Investment Trust Breaks Ground on Lacey Township, New Jersey Home Depot
Development - PA/NJ
Description:
PHILADELPHIA--(BUSINESS WIRE)--Dec. 9, 2005--Pennsylvania Real Estate Investment Trust ("PREIT") (NYSE: PEI) announced today that it has begun construction of a new retail center anchored by The Home Depot (NYSE:HD) and situated on 43 acres at Route 9 and Sunrise Boulevard in Lacey Township, New Jersey.
PREIT has been authorized by the Township to construct a retail center of up to 300,000 square feet, including a 133,000 square foot Home Depot. PREIT plans to also develop two out parcels and other stores new to the Lacey market. PREIT expects that the initial phase of construction, encompassing site work and The Home Depot building, will be completed by the end of 2006.
"Today's groundbreaking is evidence that good things can happen when you work with the community and have the support of elected leaders," said Douglas S. Grayson, Executive Vice President of Development for PREIT. "We are excited to become a part of Lacey Township, and with the help of a community-minded retailer like Home Depot, we will strive to be a great neighbor."
The plans for this center have received strong support from Township Mayor Gary Quinn. "Home Depot will provide a clean tax ratable that will not place a burden on our school system, and our residents will have the quality of life benefit that comes from having such a convenient retailer right in our backyard," said Quinn.
Also on hand to celebrate the groundbreaking were representatives from The Home Depot, including the district manager, and managers from their stores in neighboring Manahawkin and Toms River.
When completed, The Home Depot is expected to employ about 150 people, with an annual payroll of about $5.5 million.
About Pennsylvania Real Estate Investment Trust
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 33.5 million square feet) located in the eastern United States. PREIT's portfolio currently consists of 52 properties in 12 states. PREIT's portfolio includes 38 shopping malls, 13 strip and power centers and one office property. PREIT is headquartered in Philadelphia, Pennsylvania. PREIT's website can be found at www.preit.com.
This press release contains certain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. These forward-looking statements reflect PREIT's current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. PREIT's business is subject to uncertainties regarding the revenues, operating expenses, leasing activities, occupancy rates, and other competitive factors relating to PREIT's portfolio and changes in local market conditions as well as general economic, financial and political conditions, including the possibility of outbreak or escalation of war or terrorist attacks, any of which may cause future events, achievements or results to differ materially from those expressed by the forward-looking statements. PREIT does not intend to and disclaims any duty or obligation to update or revise any forward-looking statements or industry information set forth in this press release to reflect new information, future events or otherwise. Investors are also directed to consider the risks and uncertainties discussed in documents PREIT has filed with the Securities and Exchange Commission and, in particular, PREIT's Annual Report on Form 10-K for the year ended December 31, 2004.
Contacts
Nurit Yaron, 215-875-0735
VP, Investor Relations
or
Media Relations:
SDR Associates
Stephen D. Reid, 732-892-5000
Reply to: info@citybizlist.com
Date: 12/9/2005 8:47:19 AM
Contact:
Information Editor
info@citybizlist.com