Pembroke Mall Press Release

For Immediate Release                                                                           Contact:   

Theresa Creef, Marketing Manager

757.497.6255

Pembroke Mall Razes Former Dillard’s Space

Preparation Underway for New Retail …

Pembroke Mall, Virginia Beach, VA (August 1, 2006) … Pembroke Square Associates, the owners of Pembroke Mall, and Jones Lang LaSalle, the management company for Pembroke Mall, announced today that a portion of the mall’s north wing will be demolished.  Approximately 100,000-square-feet of space will be razed, which includes the former Dillard’s space and approximately 30,000-square-feet of adjacent small shop space.  The work is expected to begin in the fall.

According to Fred Napolitano, Chairman of Pembroke Enterprises, Inc. and the senior partner of Pembroke Square Associates, “The razing of this portion of the north wing is in preparation for the next phase of Pembroke Mall’s evolution.  Over the past couple of years we have been relocating retailers as their leases have come up for renewal.  That cycle is now complete, which allows for the demolition of the north wing to move forward, clearing the way for a new retail development in keeping with today’s trends.”

Since Pembroke Square Associates opened the mall in 1966, the owners have invested millions of dollars in capital improvements responding to the needs of three generations of area residents and to accommodate the changes in the retail industry. Recently they have invested in an interior renovation, a new food court and frontage development along Virginia Beach Boulevard to compliment the Town Center development.  In the last two years, over 30,000-square-feet of retail space has opened adding many of the nation’s most desired retailers.

“Retail sales are strong at Pembroke Mall,” states Harvey Lindsay, general manager for the center.  “The mall has had double-digit increases in overall sales three years in a row and sales volume has grown in excess of 50% since the mall’s renovation.  We feel that with our success, the addition of Town Center across the street, and the new Pembroke Mall retail to come, we will create a core of retail unlike anything else within the region.”

During the demolition and redevelopment of the north side of the mall, a new mall entrance will cap the north wing.  The mall’s marketing department is in the process of developing some interactive community programs.  These programs will kick off this fall in conjunction with the demolition.  Additional information will be released in the near future.

Pembroke Mall

Pembroke Mall opened in 1966 and was the area’s first enclosed mall.  It has   rapidly become a favorite destination for shoppers throughout Hampton Roads.  The Center is anchored by Kohl’s, Sears, Stein Mart, Regal 8 Cinemas and a variety of specialty shops and restaurants.  Over the years, Pembroke Mall has evolved to meet the demands of the ever-changing market, with a newly renovated interior, a new food court, and exterior expansions and upgrades.  

Jones Lang LaSalle

In the United States, Jones Lang LaSalle Retail is the largest third-party shopping center manager with a 30-million-square-foot portfolio of approximately 60 regional malls and transportation terminals across 23 states. Jones Lang LaSalle (NYSE: JLL) is the world’s leading real estate services and money management firm with a portfolio of 903 million square feet of property under management worldwide, including more than 280 shopping centers on four continents. 

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