PARMA, Ohio--(BUSINESS WIRE)--PREP Property Group is excited to announce that it has executed a lease with Old Navy. The retailer is slated for a late fall 2018 opening at The Shoppes at Parma. The 12,801-square-foot store will be located between JCPenney and A.C. Moore Arts & Crafts, which is also scheduled to open later this fall. The Shoppes at Parma is one of 60 new stores planned for the brand across the U.S. in 2018.
As one of the largest apparel brands in the world, Old Navy provides families with access to a wide range of fashion essentials that offer great style and quality at affordable prices. The company was named to Fortune magazine’s 2017 list of the 20 Best Workplaces in Retail in November 2017.
“Old Navy will be a great addition to our existing line-up of retailers and restaurants,” said Jason Jarchow, Senior Director of Leasing for PREP Property Group. “It has been a pleasure working with the Cleveland Hanna Commercial Real Estate Team, Tony Visconsi, Managing Director-Retail, and Sean Wall, Vice President, who represented Old Navy in the lease negotiations.”
About Old Navy
Old Navy is a global apparel and accessories brand that makes current American essentials accessible to every family. Originated in 1994, the brand celebrates the democracy of style through on-trend, playfully optimistic, affordable and high-quality product. A division of San Francisco-based Gap Inc. (NYSE: GPS), Old Navy brings a fun, energizing shopping environment to its customers in more than 1,000 stores around the world. For more information, please visit www.oldnavy.com.
About The Shoppes at Parma
The Shoppes at Parma is nearing completion of an exciting transformation through its multi-phase redevelopment. The 750,000+ square-foot open air center is anchored by JCPenney, Dick’s Sporting Goods, Walmart Supercenter and Marc’s grocery store and features specialty retailers, services and a wide variety of dining options. The Shoppes at Parma is located just eight miles southwest of downtown Cleveland at the intersection of Ridge Road and West Ridgewood Drive. For more information, visit www.ShoppesAtParmaOH.com.
About PREP Property Group (PREP)
PREP Property Group is a vertically-integrated real estate company built on the foundation of key divisions of Phillips Edison & Company. PREP is focused on repositioning and remerchandising lifestyle centers, power centers and enclosed malls that are undermanaged, capital-starved, poorly merchandised and/or distressed through its Strategic Investment division. The company also acquires well-located, triple-net lease retail properties from non-institutional sellers and creates value through lease term restructure or extension.
