A formal ground breaking is scheduled for next Thursday for
the Gloucester Premium Outlets in Gloucester Township, N.J.
The project is being constructed in a joint venture with
Simon Property Group and Pennsylvania Real Estate Investment Trust.
It will consists of 375,000 square feet on 55 acres at Route
42 and the Black Horse Pike. The property cost about $13 million, according to
property records. Of that amount, PREIT contributed $3.2 million, according to
its quarterly report. PREIT owns 25 percent of the venture and Simon owns 50
percent. It couldn’t be determined who owns the remainder.
While mall development has been stagnate, construction of
outlet retail centers is ramping up. From Chicago to Buffalo to Charlotte, new
outlet centers are under construction and Simon is a leader in the development
of these retail properties. Simon constructed the Philadelphia Premium Outlets
in Limerick, Pa.
The center is expected to open next August.
Source: Philadelphia
Business Journal
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