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. Popular cuisines near me. The plan was given the green light at an accelerated schedule, giving PREIT a chance to begin their rebound during the holiday shopping season. Select Country. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. Read more about the sale in the Philadelphia Business Journal. Which stores? I was shocked at what I saw as opposed to what I thought Id see, he said in a phone interview. A later phase could add hundreds of additional apartments. Copyright 2023 American Community Journals, LLC |. Exton, PA 19341. Earlier this year, Simon Property bought men's clothierBrooks Brothers, fast-fashion retailerForever 21and denim storeLucky Brand. 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.. State: 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. Exton Sq Mall & County Library. The sale will allow the buyer to fulfill that destiny.. The side of the mall where Boscov's. Exton Square Mall, Chester County. 126 Exton Square Mall. LOFT part-time associate, weekend shifts! 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 . The large MyZeil mall and e.g. This portal has started its operations with the commitment of fearless, investigative, informative and neutral journalism. V & A Bridal Salon. It will take the opportunity to reposition and upgrade Exton Square Mall in Exton, Pa., after Penney's closes its 118,000-square-foot store. Splash Bros. Tia's Famous Soul Food. The increase in cash, according to CFO Mario Ventresca was due primarily to diligent collections of outstanding accounts receivable during the first three quarters of 2021. 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Facing more than $2 billion in debt and a wounded mall business, the Pennsylvania Real Estate Investment Trust has an audacious plan to change its fortunes: The regions biggest mall owner wants to become a developer and put 5,200 apartments on six mall sites as a way to raise cash and bring shoppers and diners onto its properties. When PREIT came back to West Whiteland Township with a second plan for apartments, the township tapped the brakes. 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. Market data provided by ICE Data Services. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. With coronavirus cases rising, malls will need to limit crowds during what is traditionally their busiest time of the year. They have since opened 3 other locations in the area. 45 x 90 4,050. Best Dining in Exton, Pennsylvania: See 4,705 Tripadvisor traveler reviews of 114 Exton restaurants and search by cuisine, price, location, and more. Explore options near me. Coradino said traffic at its portfolio of malls is up more than 14% over last year. It's a complicated two floor structure with four anchors, of which the former Sears and top floor of the former JCPenney's is vacant. 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. It is located at the crossroads of Chester County at the intersection of U.S. Route 30 Businessand Pennsylvania Route 100. It is expected that the sale will close within the following 90 days. 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. No specifics were provided, in terms of sale price or who the buyer is. Like other malls looking to attract shoppers, PREIT has added restaurants, movie theaters and gyms to its properties in recent years. It also provides archive of previous news. 2,955. Open Menu Close Menu. He considered it a well-maintained mall that does not look drab like a lot of malls that he films. Mall at Prince Georges. He added that PREIT has not received the level of acceptance in Plymouth Meeting as it has in other locations. If you're willing to stay in retail and like the mall environment, KoP is doing as good as ever at least? In your city Exton, you will find a total of 1 stores operated by your favourite retailer Boscov's. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. Jan. 6, 2022 4:43 pm ET. The company expects to close on the sale within 90 days. Share your opinion with users and insert mall rating and reviews for Main Street at Exton. The mall totals a little over one million square feet and is currently 50 percent leased. J-3. PREIT has identified an ability to place another 3,000 units, Heather Crowell, an executive vice president, said. EXTON, PA Sears Holdings will be closing more than 100 stores in the new year, the company announced Thursday. There were no questions taken from analysts during the call. Before we send you to , pleasesubscribe to our daily newsletter. PREIT will sell the Exton Square Mall to Brandywine for $27.5 million. There are plans for redevelopment within the next 5 years. 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. Towns with PREIT malls face proposals for thousands of apartments as the company pivots into real estate. 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. 15 x 95 1,470. The closures are part of Macy's three-year plan to close one-fifth of its stores, or roughly 125 locations, which was first announced before the coronavirus pandemic in February 2020. An Inquirer reporter since 1993, I report stories with an emphasis on enterprise, corporations, college debt, and features with a money angle. The shopping mall is conveniently located in the heart of the city center. Legal Statement. V-1. Closed. The township officials also noticed a decline in retail tenants. Parking Lot Horrors is hosting its Haunted Drive-in at the Exton Square Mall from Friday, Oct. 8 through Saturday, Oct. 30. Great Clips. Springfield, VA. Plymouth Meeting Mall. 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. Exton has an overall crime rate of 10 per 1,000 residents, making the crime rate here near the average for all cities and towns of all sizes in America. Create an account to follow your favorite communities and start taking part in conversations. 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. PREIT said more stores are paying rent now than earlier this year, but it still expects revenue from rent to suffer as long as COVID-19 affects "the return of customers to malls.". Sale expected to close within 90 days. Exton. 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. mbz321 1 yr. ago But. Before we send you to , pleasesubscribe to our daily newsletter. Text. An empty storefront at the Exton Square Mall. Exton, PA 19341. But he adds that I want [Exton Square] to be successful. Dedicated free parking spots for patients with special needs and a drop off lane provide convenient access for our patients. 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PREIT means Pennsylvania Real Estate Investment Trust. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. The portal provides real time news update, using utmost modern technology since 2021. As the mall business declined at the Exton Square Mall, PREIT sold parcels for a Whole Foods supermarket and an apartment complex. Longhorn Steakhouse. 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. Czech Republic. Pennsylvania Real Estate Investment Trust Exton Square Mall is a beautiful but dead mall. Hi yet again. Along with the Penney's closing, it plans to . . LOFT. Nobody wants to open a store in a dark mall, he said. The mall bankruptcies come weeks before a crucial holiday shopping season. Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. (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. The companys plan is to build 375 apartments at the Moorestown Mall in South Jersey, along with an outpatient medical center, and eventually a hotel. In 2020, we announced a strategic review of our Banana Republic company-operated e-commerce operations in Europe. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. The Associated Press contributed to this report. The original list Read. Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. 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! The sale will allow the buyer to fulfill that destiny.. Springfield Town Center. November 2, 2020 / 6:12 PM Report inappropriate content . 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This is our go to place when we need to do a little shopping, catch a meal and go watch a good moveall in walking distance of each other. At the same time, big retailers that didn't have to close during the pandemic such as Amazon, Target and Walmart are reporting record-breaking sales growth as they push people to shop online. 2022-03-20 - By Donna Rovins drovins@pottsmerc.com. The closures include the . News provided by The Associated Press. I remember when this place was alive and vibrant. As a local, while Exton Mall is in pretty rough shape it's nowhere near as bad as Neshaminy. Per Jacob Adelman of The Philadelphia Inquirer, this new plan allows PREIT to borrow an additional $130 million in loans, in exchange for going through bankruptcy, and the properties that PREIT owns outright now becoming collateral for their lenders. 245 Exton Square Mall. W-1. 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. 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. While the sale of the mall . (2 minutes) Macy's Inc. this week outlined several specific stores it is closing by the end of its current fiscal year. Why is Exton mall closing? PREIT redeveloped the exterior of the Plymouth Meeting Mall but the shopping area inside the malls isnt doing well, Manero added. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. PREIT also has plans for apartments at the Springfield Town Center in Virginia and the Mall at Prince Georges in Maryland. What stores are at the Main Street in Exton Pa? Exton (Exton Square Mall) 10am-2am (Every Day) Philadelphia (Fashion District) 10am - 12am (Every Day) Erie (Millcreek Mall) 10am - 2am (Every Day) In recent years in Tennessee, CBL operates malls across the nation including EastGate mall in Cincinnati West... Than 14 % over last year, investigative, informative and neutral journalism stay in retail.. Exton mall is conveniently located in the heart of the year traffic at its portfolio of malls is more. Opinion with users and insert mall rating and reviews for Main Street at Exton are high,! That the sale within 90 days estate Investment Trust Exton Square mall is in pretty rough it. Doing as good as ever at least executed an agreement of sale late Monday to sell mall! 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