Text. Among the apartments under consideration, PREIT has proposed an 11-story 503-unit complex for the Plymouth Meeting Mall near roads that carry 92 million vehicles a year. The sale of Exton Square Mall is part of a three-part strategy to improve PREITs portfolio by taking advantage of robust sales and demand for space while reducing debt, Coradino said. The financial terms of the deal have not been disclosed and the buyer not identified, but Coradino did say the mall was being sold to a developer. Retail and other tenant sales, a standard industry measurement, reached an all-time high of $618 a square foot in the year ending in February, the company said. E-5. Turns out 5 stores including mine are closing this month. Press question mark to learn the rest of the keyboard shortcuts. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. But those establishments have been hit harder by the pandemic and have stricter social distancing rules on how many people can visit. This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract, he said. PREIT reported it was cash-flow positive at the end of 2021, with net cash of $69 million, compared with $5.9 million at the end of 2020. I'm really sorry to hear, hope you're able to find new work soon. Exton, PA 19341. An Inquirer reporter since 1993, I report stories with an emphasis on enterprise, corporations, college debt, and features with a money angle. 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PREIT is a big-time proponent of that trend. For pictures, articles, videos and discussions of malls from the pastand current malls in their dead, dying, abandoned or currently being demolished state. The property is currently 50-percent occupied and records sales of $283 a square foot. . The Gallery at East Market/Owners. The property is currently 50-percent occupied and records sales of $283 a square foot. During a brief investor call on Tuesday reviewing the results from last year and the fourth quarter, PREIT CEO Joe Coradino listed properties and parcels that were already under agreement. During a brief investor call on Tuesday reviewing the results from last year and the fourth quarter, PREIT CEO Joe Coradino listed properties and parcels that were already under agreement. (2 minutes) Macy's Inc. this week outlined several specific stores it is closing by the end of its current fiscal year. Simon Property Group, the nation's largest mall owner and a direct competitor to PREIT and CBL, has managed to avoid bankruptcy, embarking instead on its own shopping spree, buying up clothing stores. The Macys-anchored mall is also not considered a core property by PREIT. opening late and/or closing early on these days. Fugitive in $18 million COVID fraud scheme extradited to U.S. Energy Department report on COVID's origins rekindles ongoing debate, HHS releases records to GOP-led panel probing COVID "Wuhan lab leak" theory, Moderna to offer free COVID vaccine to uninsured after emergency ends, are reporting record-breaking sales growth. In 2021 the company executed transactions for nearly three times as much space as 2019 nearly 500,000 square feet. E-4. Get browser notifications for breaking news, live events, and exclusive reporting. V-1. 51 x 100 6,726. EXTON, PA Sears Holdings will be closing more than 100 stores in the new year, the company announced Thursday. We use cookies to ensure that we give you the best experience on our website. . Springfield, VA. Plymouth Meeting Mall. Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. The mall bankruptcies come weeks before a crucial holiday shopping season. Our new Privacy Policy will go into effect on January 1st, 2023. Theres no other location THAT close though. The announcement was made during a 20-minute earnings call Tuesday, March 15, as the mall's owner PREIT (Pennsylvania Real Estate . Explore options near me. mbz321 1 yr. ago Pennsylvania Real Estate Investment Trust The property is currently 50-percent occupied and records sales of $283 a square foot. Your IP address is listed in our blacklist and blocked from completing this request. What are the principles architectural types of Islam? Towns with PREIT malls face proposals for thousands of apartments as the company pivots into real estate. Staggering snowfall in California mountains leaves residents trapped for days, Garland testifies before Senate panel amid ongoing special counsel probes, Colon cancer rates rising in younger age group, study finds, Firefighter dies battling blaze in downtown Buffalo, mayor says, Explosive found in checked luggage at Pennsylvania airport, feds say, 20,000 people may have been exposed to measles at Asbury University revival, Prosecution wraps its case at Alex Murdaugh murder trial, Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother, Ex-Georgia star Jalen Carter was racing in deadly crash, arrest warrants allege, Some states allow businesses to reopen as retail sales plummet, FBI chief says agency feels pandemic likely started with Chinese lab leak. First published on November 2, 2020 / 6:12 PM. He considered it a well-maintained mall that does not look drab like a lot of malls that he films. W-1. Opens at 10:00 AM. Both companies, CBL and Pennsylvania Real Estate Investment Trust, said their malls will remain open as they go through the bankruptcy process. Sale expected to close within 90 days. Hi yet again. Brandywine could be considering converting a portion of Exton Square Mall into a lab and manufacturing space for life sciences companies to capitalize on Exton's growing concentration of biotech and life sciences companies. Some smaller shops may close earlier, sometime between 6 and 9. This indicates that the majority of the companys lenders have faith in the decision. Parking Lot Horrors is hosting its Haunted Drive-in at the Exton Square Mall from Friday, Oct. 8 through Saturday, Oct. 30. In addition to Exton Square in West Whiteland, PREIT owns and manages five other Pennsylvania mall properties, including Plymouth Meeting Mall in Plymouth Township, Montgomery County; Willow Grove Park Mall in Willow Grove, Montgomery County; and Springfield Mall in Springfield, Delaware County. A walkthrough of the nearly empty Exton Square Mall shot the evening of December 15, 2020. One of them is the one-million-square-foot Exton Mall. How do you find the rational number between 3 and 4? Exton Square Mall has just over 1 million square feet of space, is 52% occupied and has sales of $283 per square foot, according to information on the PREIT website. Share Close. The company filed for bankruptcy protection in 2020. Main Line Health Exton Square is located in the heart of Chester County at the Exton Square Mall near the intersection of Routes 30 and 100. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. This is a mall that has fallen on hard times the last few years. Still, PREIT executives point to recent positive signals: Through February, foot traffic jumped 14% over 2021 in its core malls. If you continue to use this site we will assume that you are happy with it. The companys stock closed at 75-cents per share on March 16, and as of 12 p.m. Wednesday, it was trading at 76-cents per share. Cookie Notice Copyright 2023 CBS Interactive Inc. All rights reserved. Freddie Mac, the giant mortgage buyer, last year put the national housing shortage at almost 4 million units, triggered by the construction decline after the 2008 Great Recession and extending through the pandemic. That is especially important for the longevity of some of PREITs stronger properties, such as Cherry Hill Mall, and the Plymouth Meeting Mall. Exton Square Mall PREIT, an owner of regional malls throughout the Philadelphia region and mid-Atlantic, saw its shares slide throughout Tuesday despite its CEO's attempt to assure investors. It is expected that the sale will close within the following 90 days. Get Directions THIS WEEK'S ADS. One of them is the one-million-square-foot Exton Mall. PREIT developed a plan for 2,000 new apartments, plus retailers, two hotels, and public space. PREIT will sell the Exton Square Mall to Brandywine for $27.5 million. It is expected that the sale will close within the following 90 days. No specifics were provided, in terms of sale price or who the buyer is. Wall Street has punished the stock, which has traded below $1 a share this year and could be delisted. In addition to the extra funds this plan makes available to PREIT, it also paves the way for their plan to sell off some of their properties that have fallen into disuse including Exton Square Mall. Barn-1 World of Beer. I'd say they're at like 30% their store capacity at best right now, although Boscov's seems to actually do shockingly well and has great staff/management, which made me really happy to see! And it's pretty close, Unfortunately kop is an hour long bus ride to and from for me and the car my bf drives is 22 years old so going back and forth from kop isnt possible sadly. The Pennsylvania Real Estate Investment Trust (PREIT) is planning to sell Exton Square Mall as it tries to raise funds to pay down its debt and avoid being delisted from the NYSE, writes Natalie Kostelni for the Philadelphia Business Journal. 45 x 90 4,050. 146 Exton Square Mall, Exton, PA 19341, USA. Plymouth residents are concerned over increased sewer capacity and traffic. Pretty sure closest is lancaster which is well over an hour and a half drive. It is located at the crossroads of Chester County at the intersection of U.S. Route 30 Businessand Pennsylvania Route 100. Open Menu Close Menu. Living in Exton offers residents a dense suburban feel and most residents rent their homes. Kohls Corp. has announced four store closures, and four small-format store openings, for 2019, along with decelerating same-store sales for the holiday shopping period. The company said it has made advances in its capital raising with executed agreements of sale for $105 million in assets, and has finalized letters of intent for another $75 million in additional assets. LOFT part-time associate, weekend shifts! Attributes Retail & Restaurant , Commercial , Pennsylvania. An attorney representing PREIT, Richard A. Chesley, articulated that unity, saying, This result, in the midst of the Christmas holiday shopping season, is a testament to all parties extraordinary efforts to reach a consensual restructure.. The Simon Property Group is an American real estate company that owns, develops, and manages shopping malls, retail centers, and mixed-use properties in North America, Europe, and Asia. 2,955. But as for the proposed apartment complex, its not so much the aesthetics as that its right up to [Easton Road] road and gives it an urban feel instead of a suburban feel.. What are the parts of a drum brake system? This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract, he said. and our The plan was given the green light at an accelerated schedule, giving PREIT a chance to begin their rebound during the holiday shopping season. Closed. 245 Exton Square Mall. So much of this has been occurring during the pandemic. The company has until Aug. 4 to resolve the issue. As a result, PREITs core mall tenancy stands at 93%. The timing might be good for PREIT. PREIT means Pennsylvania Real Estate Investment Trust. A lot of tenants are not stores but local organizations and healthcare. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. 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