Saturday, March 23, 2013
The real estate investment company paid off its mortgage as it moves forward with major improvements to the 1 million-square-foot shopping center.
PREIT (Pennsylvania Real Estate Investment Trust) has achieved every homeowner's dream by paying off its mortgage on the Moorestown Mall. The company, which owns the 1 million-square-foot shopping complex, paid off the $53.2 million mortgage loan balance on the mall earlier this month, according to a release issued by PREIT. The loan was set to mature in June. "Our recent capital markets activities highlight our ability to improve PREIT’s balance sheet as we drive our cost of capital lower, unencumber assets and extend our maturity dates," said CEO Joseph Coradino. The payoff leaves the mall unencumbered as PREIT moves forward with improvements to the property, including a state-of-the-art Regal theater andfour new restaurants, two of …
Monday, January 21, 2013
Patch sat down with the acclaimed Philadelphia chef to talk about why he chose Moorestown and what foodies can expect to see on the menu—and when.
After 14-plus years innovating Philadelphia’s restaurant scene, preeminent Italian chef Marc Vetri will open his first restaurant outside the city when he brings Osteria to the Moorestown Mall later this year. Vetri opened the original Osteria, located on North Broad Street in Philadelphia, in 2007, nine years after opening the eponymous Vetri. Osteria (pronounced “O-stuh-ree-a”) describes itself as a traditional Italian eatery specializing in “homemade pastas, thin crust pizzas or wood grilled meats and fish.” Philadelphia Magazine named Osteria its No. 1 restaurant in 2008 and 2012, and it’s landed in the top 15 every year since it opened. Vetri—who, according to the restaurant’s website, spent years working in “some of the finest …
Wednesday, December 19, 2012
Firebirds Wood Fired Grill and Marc Vetri's Osteria, as well as the new Regal Cinemas theater, are expected to open during the summer of 2013.
- Rob Scott
Wednesday, December 19, 2012
PREIT has announced another new restaurant that will join Marc Vetri’s acclaimed Osteria during next summer’s Moorestown Mall renaissance. The company, which owns the mall, announced Wednesday that Firebirds Wood Fired Grill, the second of four full-service restaurants planned for the mall, is slated for a summer 2013 opening. Aside from its “upscale, casual interior,” the restaurant will also feature an exposed kitchen, an indoor stone fireplace, a wine wall and an expansive bar (dubbed a “Firebar”), according to a release from PREIT. Firebirds operates 23 other restaurants across the country, primarily in the Eastern United States. The Moorestown Mall franchise is the company’s first foray into South Jersey. Firebirds' dinner menu …
Monday, September 17, 2012
Acclaimed Philadelphia chef Marc Vetri plans to open a second Osteria at the Moorestown Mall, according to a PREIT spokeswoman.
It's official. Nearly a year after entering into talks with PREIT, world-renowned Philadelphia chef Marc Vetri has signed a lease agreement to open a restaurant at the Moorestown Mall. PREIT spokeswoman Judy Trias said Vetri signed the lease late last week, only a few days after PREIT, which owns the Moorestown Mall, was formally awarded four liquor licenses. She said the restaurant will be a version of Vetri's Osteria, located on Broad Street in Philadelphia. The original Osteria opened in 2007 and has been consistently recognized as one of the best restaurants in the city. Vetri himself leaked the news Friday, tweeting, "Let's see if you can figure out what this means!!!! BOOM!!!," with a picture of the lease agreement attached. "…