The Philadelphia-based firm Pennsylvania Real Estate Investment Trust announced April 1 it had closed on acquiring Springfield Town Center from the previous owners at Vornado Realty Trust, based in New York.
When the 1.35 million square-foot revitalized shopping and dining destination had its grand opening in October 2014, Vornado and Pennsylvania Real Estate Investment Trust were co-owners, though the complete acquisition was in the works.
For the property, Pennsylvania Real Estate Investment Trust delivered a net $340 million in cash and debt repayment, according to a press release. Along with the developed town center property, they also bought the rights to develop more than 3 million square feet of additional space.
Since the Oct. 14 2014 release of the tenants roster, Pennsylvania Real Estate Investment Trust announced there have been over 60,000 square feet of new tenant leases executed, with planned openings expected during the second quarter of 2015.
“We are excited to have completed the planned acquisition of Springfield Town Center,” said Pennsylvania Real Estate Investment Trust chief operating officer Joseph F. Coradino. “Since reopening in October, Springfield Town Center has performed extremely well and we are confident that we will be able to further capitalize on the significant opportunities this property offers.”