PREIT Lands 30 KSF Tenant at DC-Area Retail Center

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Burlington Stores has signed a 30,000-square-foot lease at PREIT’s Springfield Town Center in Springfield, Va. The landlord handled the lease in-house, according to a spokesperson representing PREIT.

The store is slated to open this year. Burlington’s outlet will complement the LEGO Discovery Center’s recent opening at the property, as well as other additions, including Lovisa, BoxLunch, Daily Thread and Carters, among others. The lease agreement with the latest tenant is bringing the center’s occupancy to 95.5 percent.

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The property, originally completed in 1973, underwent a thorough redevelopment process that wrapped up in 2014, the same spokesperson told Commercial Property Executive. PREIT purchased the asset in 2015, from Vornado Realty Trust, for $452 million.

Located at 6601 Springfield Mall, the retail center is accessible via Henry G. Shirley Memorial Highway. Additionally, Springfield Town Center is positioned at the intersection of Interstates 95, 395, 495 and Fairfax Parkway.

A 1.7 million-square-foot Northern Virginia retail center

Target, Macy’s, JCPenney, Nordstrom Rack and Five Below are among the tenants at the 1.7 million-square-foot retail center. According to data firm Placer.ai, Springfield Town Center has nearly 1.1 million annual visits.

With the aim to convert Springfield Town Center into a reimagined mixed-use family entertainment hub, PREIT unveiled plans for a 75,000-square-foot retail and entertainment space at the property this year. Additionally, the firm has recently received approval from the Fairfax County Board of Supervisors for the addition of 460 apartments and 165 hotel rooms at the location.