Revamped and renamed Springfield Town Center holds grand opening
Pennsylvania Real Estate Investment Trust (PREIT) on Friday marked the grand opening of the Springfield Town Center in Fairfax County.
New York-based Vornado Realty Trust spent two years and $250 million revamping the former Springfield Mall. The company announced in March it was selling the property to Philadelphia-based PREIT for $465 million..
PREIT said the mall is at approximately 81 percent total occupancy, including anchor tenants. Non-anchor is more than 60 percent, the company said, but more than 80 percent of the non-anchor space had tenant commitments (consisting of executed leases and leases being negotiated) on opening day.
Before the holiday shopping season, additional stores occupying about 50,000 square feet are expected to open, the company said. Non-anchor tenant occupancy is expected to reach more than 90 percent by the end of next year.
A list of nearly 100 mall tenants includes department stores such as Macy’s, J.C. Penney and Target plus discount specialty retailer Nordstrom Rack.
The mall also includes popular retailers such as Forever 21 and H&M and will feature a 12-screen Regal Cinema.
More than 15 retailers on the list were expected to open in the mall after Oct. 17.