Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. Businesses Goal is a worldwide online news portal. The large MyZeil mall and e.g. Your IP address is listed in our blacklist and blocked from completing this request. 245 Exton Square Mall. Headquartered in Philadelphia, PREIT owns and manages retail shopping malls in 12 states in the eastern U.S. with a concentration in the Mid-Atlantic and Greater Philadelphia region. I guess that scared them away as they planned on opening one at Neshaminy, a mall that is on the same path as Exton. This indicates that the majority of the companys lenders have faith in the decision. 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. 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What's New Activities Locations Membership Food Menu Careers. Market data provided by ICE Data Services. LOFT part-time associate, weekend shifts! PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. opening late and/or closing early on these days. Day of the Week. Join the Dead Malls of Discord Community by going to this link: It also provides archive of previous news. PREIT will sell the Exton Square Mall to Brandywine for $27.5 million. Report inappropriate content . MacerichPennsylva Real Estate Investment Position Overview: Position Overview: Drives revenue by providing clients exceptional services through relationship building, sharing style/product information, and presenting a clean, and a safe well-maintained store environment. 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. Opens at 10:00 AM. The property is currently 50-percent occupied and records sales of $283 a square foot. . 4 years ago. No specifics were provided, in terms of sale price or who the buyer is. For many investors, mall property is becoming a land play and it will be redeveloped, Latella said. He considered it a well-maintained mall that does not look drab like a lot of malls that he films. The Macys-anchored mall is also not considered a core property by PREIT. Judge Approves Exton Square Mall Owner's Bankruptcy Restructuring Plan By Ken Knickerbocker Published: 5:29 am EST December 2, 2020 Updated: 9:23 pm EDT July 19, 2021 The court approved restructuring plan allows PREIT to borrow an additional $130 million in loans. The pandemic forced many malls and their retail tenants to temporarily close for months. The Macys-anchored mall is also not considered a core property by PREIT. Along with the Penney's closing, it plans to . And while Chester County has the highest median family income in Pennsylvania, Exton Square Mall with 990,000 square feet of retail space competes with one of the biggest malls in the nation, King of Prussia, and Wolfson Group's Main Street Exton shopping-and-apartment center, which opened in 2001. Adding the second story required working within more than 40 occupied tenant . The mall houses about 100 shops and . See our current mall hours and store list. A deal is in place for Simon Property, along with Brookfield Asset Management, to buy J.C. Penney. J-1. Two mall operators filed for bankruptcy protection Monday, hurt by the ripple effect of thecoronavirus pandemicwhich has forced many of its mall tenants to permanently close stores or not pay rent. PREIT also cautions that 40% of its non-anchor leases either expire this year or next or are in holdover status, and the company could face lower rental revenue if it cant renew those leases or find new tenants. Bring your broken, ready for trash bin device to our iFixandRepair Exton Square Mall (Temporarily Closed), and our experts will bring it back to life, you will not have to worry about a thing by leaving your device in our capable iFixandRepair Exton Square Mall (Temporarily Closed) team hands. 2. Some are going bankrupt and closing stores, such as J.C. Penney and California Pizza Kitchen. Cookie Notice 477 30 30 comments Best Add a Comment jal7777us 3 yr. ago Wow. Exton Tourism Exton Hotels Exton Bed and Breakfast Exton Vacation Rentals Exton Vacation Packages . Mall tenants, which operators rely on for rent, have been stressed this year. 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. I'm really sorry to hear, hope you're able to find new work soon. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. Image via Wikimedia Commons. Parking is not an issue with two large garages and surface spaces. PREIT spokesperson Heather Crowell said Monday that the company had no more details to share regarding Exton Square . As the mall business declined at the Exton Square Mall, PREIT sold parcels for a Whole Foods supermarket and an apartment complex. 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. Share Close. Hyattsville, MD. But by the end of 2023, there are expected to be 870 stores left. 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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. There are plans for redevelopment within the next 5 years. What is the pre employment test for Canada Post? 12.8 km. It looked like they were selling off pieces of the property to make money and stay afloat, Rajesh Kumbhardare, the chairman of the townships board of supervisors, said. Earlier this year, Simon Property bought men's clothierBrooks Brothers, fast-fashion retailerForever 21and denim storeLucky Brand. The Gallery at East Market/Owners. Main Line Health Exton Square 154 Exton Square Parkway Exton, Pennsylvania 19341 Donna Rovins is the regional business editor, covering local businesses and business issues across Montgomery, Chester and Berks counties. The firm disclosed last month that it is selling the mall for $27.5 million. Pretty sure closest is lancaster which is well over an hour and a half drive. This is a mall that has fallen on hard times the last few years. Defections have hurt. mbz321 1 yr. ago March 16, 2022 | 12:25 P.M. Pennsylvania Real Estate Investment Trust said it has found a buyer for its nearly 1 million-square-foot Exton Square Mall in Exton, Pennsylvania. The land sales connected to them are expected within a year. Read more about the sale in the Philadelphia Business Journal. This topic has been closed to new posts due to inactivity. The township officials also noticed a decline in retail tenants. Read more about the sale in the Philadelphia Business Journal. One of them is the one-million-square-foot Exton Mall. 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. E-5. PREIT, based in Philadelphia, has more than 20 properties, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, Pennsylvania. 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. Exton Square Mall is a beautiful but dead mall. Get browser notifications for breaking news, live events, and exclusive reporting. This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract, he said. Explore options near me. (100 Character minimum) I certify that this review is based on my own experience and that I am in no way affiliated with this business, and have not been offered any incentive or payment from the business to write this review. Czech Republic. PHILADELPHIA The owner of Exton Square Mall in West Whiteland has entered into an agreement to sell the property. montco.today/2022/03/preit-sell-exton-square-mall/, Mozilla/5.0 (iPhone; CPU iPhone OS 14_6 like Mac OS X) AppleWebKit/605.1.15 (KHTML, like Gecko) Version/14.1.1 Mobile/15E148 Safari/604.1. F. Old Navy. Exton is a suburb of Philadelphia with a population of 5,382. Kumbhardare walked the mall recently and only half the mall was lit. Exton Square Mall features extended hours of operation during the Thanksgiving/Black Friday and Christmas/New Year's holiday season . Nobody wants to open a store in a dark mall, he said. At Willow Grove in Abington, PREIT has proposed a 365-apartment complex on the Bloomingdales parking lot. 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