Self Storage Facility Planned at Washington DC Mall
Developed by Poverni Sheikh Group, the 90,000-square-foot property is scheduled for completion in the first quarter of 2022. Feb032021
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PREIT has signed a lease for a self storage project at Mall at Prince George’s in Hyattsville, Md. Poverni Sheikh Group will develop the site, which will mark the company’s 10th facility in the Mid-Atlantic region. The property will encompass 90,000 square feet at the subgrade level and will have drive-in access. The development is scheduled for completion in the first quarter of 2022.
The shopping center has an inline gross leasable area of 437,000 square feet. Located on 51 acres at 3500 E. West Highway, 7 miles northeast of downtown Washington D.C., the mall first opened its doors in 1959 and was redeveloped in 2004 and 2018. The owner invested $30 million in a capital improvement plan that remodeled common areas and renovated mall entrances. The ten
PREIT Executes 90,000 Square Foot Lease for Self Storage Facility at Mall at Prince George s
Transaction highlights PREITs ingenuity in transforming underutilized space, that had never been occupied before, and delivering a broad array of uses
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PHILADELPHIA, Feb. 2, 2021 /PRNewswire/ PREIT (NYSE: PEI), a leading operator of distinctive real estate in high barrier-to-entry markets, today announced that is has signed a new lease for a self storage facility at Mall at Prince George s in Hyattsville, MD. The site will be developed by Poverni Sheikh Group, LLC, it s 10
th self-storage project in the Mid-Atlantic. The approximately 90,000 square foot facility of drive-in sub grade space is expected to open in Q1 2022, delivering a new source of non-retail revenue.