ULTA to Join The Shoppes at Parma

Retailer adds new excitement to the PECO Real Estate Partners project

PARMA, Ohio–(BUSINESS WIRE)–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.

Contacts

PECO Real Estate Partners
Michelle Devlin, 513-824-7135
Michelle.devlin@pecorep.com