ULTA to Join The Shoppes at Parma

In addition to several recent announcements made, PECO Real Estate Partners is excited to announce that ULTA will be joining the largest redevelopment project in Northeast Ohio at The Shoppes at Parma. This will be ULTA’s first store in Parma. Parma is the 7th largest city in Ohio, 10-miles to the Southwest of Cleveland.

ULTA is ranked by the National Retail Federation as a Top 100 Retailer and as one of the industry’s biggest players by domestic retail sales. As a key retailer in the health and beauty industry, many fashion retailers look to join a project with ULTA as a co-tenant. Currently the closest ULTA store is located in Strongsville, more than 8-miles away. ULTA’s commitment to The Shoppes at Parma demonstrates the strength of the project's location within the market place.

As the largest beauty retailer in the United States, ULTA provides one-stop shopping for prestige, mass and salon products. The new 10,000 square foot store will offer cosmetics, fragrance, haircare products, skincare, bath and body products and styling tools among other beauty items. In addition, the store will offer a full-service salon.

“We are thrilled to have ULTA join the redevelopment project,” said Robyn Hays, Director of Leasing. “ULTA is a nationally recognized brand that is pivotal to the ongoing successful tenant mix of a redevelopment this size.”

The addition of ULTA is a major step towards the next phase of the redevelopment project. The Shoppes at Parma has been successful in bringing a mix of food and service oriented businesses, as well as securing long term support from major anchors JCPenney, Dick’s Sporting Goods, Walmart and Marc’s. Since acquisition, The Shoppes at Parma has successfully renewed nineteen existing tenants totaling 417,619 square feet and signed seventeen new leases totaling 127,892 square feet.

“This is an exciting milestone for the project,” said Michelle Devlin, General Manager. “As a power player in retail, ULTA will become a top destination for residents of Parma and the surrounding communities.”

“ULTA is one of the stores that our residents have said they wanted to have here, and I’m glad to see now that we’ll have one here in Parma,” said Timothy DeGeeter, City of Parma Mayor. “I’m sure this announcement will be well-received, and we are looking forward to more announcements that will allow Parma residents to stay closer to home when they shop.”

About ULTA

ULTA Beauty (NASDAQ: ULTA) is the largest beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin, hair care products and salon services. Since opening its first store 25 years ago, ULTA Beauty has grown to become the top national retailer providing All Things Beauty, All in One Place™. The Company offers more than 20,000 products from over 500 well-established and emerging beauty brands across all categories and price points, including ULTA Beauty’s own private label. ULTA Beauty also offers a full-service salon in every store featuring hair, skin and brow services. ULTA Beauty is recognized for its commitment to personalized service, fun and inviting stores and its industry-leading ULTAmate Rewards loyalty program. As of August 1, 2015 ULTA Beauty operates 817 retail stores across 48 states and also distributes its products through its website, which includes a collection of tips, tutorials and social content. For more information, visit www.ULTA.com.

About PECO Real Estate Partners (PREP)

PREP has incorporated Phillips Edison & Company’s former development and strategic retail divisions and will focus on the acquisition, repositioning and management of power and lifestyle centers, enclosed malls, mixed-use retail projects and single-tenant developments. PREP is a fully integrated real estate operating and asset management company. The company has expertise in every discipline of retail shopping center operation and management. Through the execution of a focused investment strategy, PREP identifies optimal target locations and leverages its management team’s long-standing relationships with brokers, property owners and retail tenants, to identify and capitalize on development and redevelopment opportunities. For more information about PREP, please visit www.pecorep.com.

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