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. Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. Wine & Spirits. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. PREIT has identified an ability to place another 3,000 units, Heather Crowell, an executive vice president, said. Lora Lehmann, an Abington resident who has reservations about the plan and has posted her concerns online, said that she would like to see the Willow Grove Mall thrive. 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. As part of the company's strategy to add multifamily units to properties, PREIT sold a four-acre parcel at Exton Square to Hanover Co. for $8.1 million. There were no questions taken from analysts during the call. The closures include the . Jan. 6, 2022 4:43 pm ET. Mall to join our team located at our Store 0808-Exton Square Mall-ANN-Exton, PA 19341. 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 Groups Main Street Exton shopping-and-apartment center, which opened in 2001. Fearing neglect, the township asked PREIT to develop a broader plan on what it would do with the site. V-1. The property is currently 50-percent occupied and records sales of $283 a square foot. There were two fires and health violations in the food court in 2019. Brazil. 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. Mall at Prince Georges. As part of its core retail properties, the Philadelphia-based firm operates six malls with 6.1 million square feet of space around the region, and 11 malls in six other states and other parts of Pennsylvania. No specifics were provided, in terms of sale price or who the buyer is. 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.. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. CEO Joseph F. Coradino said hes pivoting by necessity: I used to be in the mall business and now Im in the real estate business. Indeed, his company, called PREIT, has proposed or discussed putting apartments in the region in the Exton Square Mall, Willow Grove Park, and Plymouth Meeting Mall in the Pennsylvania suburbs and more in the Moorestown Mall in South Jersey. Exton, PA 19341. Copyright 2023 American Community Journals, LLC |. This is a mall that has fallen on hard times the last few years. Pennsylvania Real Estate Investment Trust After failing to get 100% of their lenders to approve of their restructuring plan, PREIT prepared to take the matter to court earlier this year and received approval for their plan at the end of November. 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. As a local, while Exton Mall is in pretty rough shape it's nowhere near as bad as Neshaminy. If you continue to use this site we will assume that you are happy with it. Springfield Town Center. No specifics were provided, in terms of sale price or who the buyer is. Indonesia . 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. V & A Bridal Salon. Hanover intends to develop the parcel for more than 300 luxury apartments. E-5. Exton Sq Mall & County Library. 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. 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. 146 Exton Square Mall, Exton, PA 19341, USA. J-2. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. Legal Statement. Report inappropriate content . READ MORE: https://www.inquirer.com/business/preit-fashion-district-investement-writedown-coronavirus-retail-20210313.html. Image via Wikimedia Commons. F. Old Navy. Cycle Bar. Among PREITs major malls, Exton Square has the lowest tenant occupancy rate, about 50%, according to its regulatory filings. Exton Square 260 Exton Square Exton, PA 19341 (610) 363-7034. He added that PREIT has not received the level of acceptance in Plymouth Meeting as it has in other locations. In turn, the company. Defections have hurt. J-3. It is expected that the sale will close within the following 90 days. 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! Coradino said that PREITs malls have recovered from the depths of the pandemic. The large MyZeil mall and e.g. 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. To learn more about PREITs restructuring plan you can read the article from The Philadelphia Inquirer by clicking here. 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. Copyright 2023 CBS Interactive Inc. All rights reserved. Coradino said he feels good about the Willow Grove project. Pennsylvania Real Estate Investment Trust (PREIT), who owns Montcos Plymouth Meeting Mall and the Willow Grove Park Mall, has agreed to sell Exton Square Mall to Brandywine Realty Trust, who has many offices in Montgomery County, for $27.5 million, writes Natalie Kostelni for the Philadelphia Business Journal. India. 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. As of June 15, at least 103 Banana Republic stores have been shut down since the beginning of 2020, according to data from Gap. Hi yet again. This branch of Boscov's is one of the 48 stores in the United States. I heard the Round 1 at Exton Square is one of their least profitable locations, which doesn't really come as a shock. (610) 280-6573. While the sale of the mall . Before we send you to , pleasesubscribe to our daily newsletter. This is our walkthrough of the Exton Square Mall in Exton, PA from December 24, 2018. I remember when this place was alive and vibrant. PREIT says the project would help revitalize the mall with families living within walking distance of the malls attractions and prevent the repurposing of the center for an e-commerce warehouse or logistics center. Popular cuisines near me. Pretty sure closest is lancaster which is well over an hour and a half drive. Opens at 9am. 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. Though PREIT had needed 100% of their lenders to approve of their initial plan, it was only one lender who holds 5% of PREITs debt who held out on making it unanimous. Have hand sanitizer available in-store and/or know where the nearest mall sanitizer is located. Popular restaurant types near me. Share your opinion with users and insert mall rating and reviews for Main Street at Exton. The site is zoned for a 150-unit retirement community and the zoning hearing board denied the application for the apartment complex, said Chris Manero, the chair of the Plymouth Township Council. Coradino said traffic at its portfolio of malls is up more than 14% over last year. This sale will allow the builder to fulfill that destiny.. They have since opened 3 other locations in the area. Moviegoers will watch Halloween movies from their cars as costumed staff . We want to help them succeed but we also want to do whats best for the township and its current residents.. Dedicated free parking spots for patients with special needs and a drop off lane provide convenient access for our patients. Powered and implemented by FactSet. Theres no other location THAT close though. Image via Wikimedia Commons. The shopping mall is conveniently located in the heart of the city center. Sale expected to close within 90 days. As a result, PREITs core mall tenancy stands at 93%. Architectonically, the shopping center impresses visitors with its gigantic curved glass faade. Coradino confirmed that PREIT developed the master plan for the Exton Square Mall but as they were doing so, a buyer approached PREIT. A lot of tenants are not stores but local organizations and healthcare. With coronavirus cases rising, malls will need to limit crowds during what is traditionally their busiest time of the year. Exton Square Mall, Chester County. There were no questions taken from analysts during the call. The Macy's-anchored mall is also not considered a core property by PREIT. This 450,000 square foot expansion and renovation program included an extremely complex "overbuild" covering more than 50% of the center, as well as a renovation of the entire complex. Privacy Policy. 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. Our new Privacy Policy will go into effect on January 1st, 2023. Create an account to follow your favorite communities and start taking part in conversations. The four store closures will be in Rego Park; NY, Valley Stream, NY; Lenexa, KS; and Houma, LA. In Exton there are a lot of restaurants, coffee shops, and parks. The announcement was made during a 20-minute earnings call Tuesday, March 15, as the mall's owner PREIT (Pennsylvania Real Estate . 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. But those establishments have been hit harder by the pandemic and have stricter social distancing rules on how many people can visit. 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Get Directions THIS WEEK'S ADS. The company filed for bankruptcy protection in 2020. Richard Latella, an executive managing director at Cushman Wakefield whose team appraises 250 U.S. malls a year, said those centers have repurposed themselves. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. PREITs strategy reflect those of other mall owners, who are replacing department store anchors with health-care facilities, hotels, entertainment centers, gyms, and apartments. 14 jobs. That could happen. The company is working to return to compliance with the New York Stock Exchange, which said in February PREIT was in danger of being delisted. https://discord.gg/g4tKbpu, Press J to jump to the feed. Listen to article. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. There are plans for redevelopment within the next 5 years. 45 x 90 4,050. $10 for two. (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. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. Rating: 3.6/5 (26 rates) Make a Review. Turns out 5 stores including mine are closing this month. He and other township officials met with PREIT in Philadelphia. As the mall business declined at the Exton Square Mall, PREIT sold parcels for a Whole Foods supermarket and an apartment complex. Exton is in Chester County and is one of the best places to live in Pennsylvania. 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