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. Read the full story at PBJ.com.