PREIT Signs Ulta Beauty, DSW as Part of $30M Overhaul of Mall at Prince Georges

HYATTSVILLE, MD. — PREIT, a Philadelphia-based retail REIT, has signed Ulta Beauty and DSW to leases at Mall at Prince Georges in Hyattsville as part of the mall’s $30 million remerchandising and renovation program. Located at 3500 East-West Highway in suburban Washington, D.C., the property will undergo a facelift in early 2017 that encompasses new exterior facades and entrances, in addition to PREIT’s remerchandising efforts. Ulta Beauty has leased an 11,000-square-foot space at the mall, and DSW has leased 16,000 square feet. Both retailers are set to open their stores in the second quarter of 2018. PREIT also signed H&M to a 20,000-square-foot lease earlier this year, and the apparel retailer plans to open its store next month. PREIT plans to wrap up the mall’s renovations in time for the 2017 holiday season and complete the remerchandising in 2018, at which time about 73 percent of the non-anchor space — including new and existing shops and restaurants — will have new storefronts.