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. The Gallery at East Market/Owners. The mall houses about 100 shops and . The Pennsylvania Real Estate Investment Trust has said it's selling the mall with a 50% tenant vacancy for $27.5 million. Cookie Notice This sale will allow the builder to fulfill that destiny.. 4 years ago. Exton Square mall being sold to a developer, TriCounty Area Chamber hosting former Olympian at annual dinner, How to beat inflation: Buy what you know and what you eat, Fraser Advanced Information Systems names new president, Feeling Lucky With Accel Entertainment (ACEL), Enhanced Teledyne FLIR Prism AI Software Model, Luxfers (LXFR) 2023 Forecast Belies The Strong Growth That Lies Farther Ahead, QVC, Chester Countys third largest employer, cutting 400 jobs, Frank Lloyd Wrights only oceanfront home sells for $22 million in Carmel, Augmentir Adds Skills Intelligence to Worker Suite. 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. The firm disclosed last month that it is selling the mall for $27.5 million. . Among PREITs major malls, Exton Square has the lowest tenant occupancy rate, about 50%, according to its regulatory filings. (2 minutes) Macy's Inc. this week outlined several specific stores it is closing by the end of its current fiscal year. To learn more about PREITs restructuring plan you can read the article from The Philadelphia Inquirer by clicking here. 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. $10 for two. Powered and implemented by FactSet. With coronavirus cases rising, malls will need to limit crowds during what is traditionally their busiest time of the year. MacerichPennsylva Real Estate Investment Maribella Pizza. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. 245 Exton Square Mall. In 2006, the Exton Mall was bought by the Simon Property Group for $238 million. There were two fires and health violations in the food court in 2019. READ MORE: https://www.inquirer.com/business/preit-fashion-district-investement-writedown-coronavirus-retail-20210313.html. Attributes Retail & Restaurant , Commercial , Pennsylvania. ----------------------------------------------------------- No specifics were provided, in terms of sale price or who the buyer is. He added that PREIT has not received the level of acceptance in Plymouth Meeting as it has in other locations. As of June 15, at least 103 Banana Republic stores have been shut down since the beginning of 2020, according to data from Gap. Exton is a suburb of Philadelphia with a population of 5,382. 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. 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.. Exton Sq Mall & County Library. Nobody wants to open a store in a dark mall, he said. Plymouth Meeting, PA. On The Border. Read more about the sale in the Philadelphia Business Journal. We want to help them succeed but we also want to do whats best for the township and its current residents.. - - Exton Sq. The Exton Square Mall. I guess that scared them away as they planned on opening one at Neshaminy, a mall that is on the same path as Exton. and our Discover Exton Square. Why is Exton mall closing? The land sales connected to them are expected within a year. V & A Bridal Salon. A JCPenney store closed there in 2014 and the mall has about a 20-percent vacancy rate. Wine & Spirits. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. So much of this has been occurring during the pandemic. Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. Businesses Goal is a worldwide online news portal. Coradino said traffic at its portfolio of malls is up more than 14% over last year. 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. This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract, he said. Copyright 2023 CBS Interactive Inc. All rights reserved. The property is currently 50-percent occupied and records sales of $283 a square foot. Splash Bros. Tia's Famous Soul Food. The Macy's-anchored mall is also not considered a core property by PREIT. The large MyZeil mall and e.g. PREIT also has plans for apartments at the Springfield Town Center in Virginia and the Mall at Prince Georges in Maryland. But PREIT has not given up. 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. (610) 363-2110. Open Menu Close Menu. While the sale of the mall . The closures include the . The Macys-anchored mall is also not considered a core property by PREIT. In Chester County, PREITs Exton Square Mall opened in the 1970s and was renovated in 2000. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. Text. 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. Donna Rovins is the regional business editor, covering local businesses and business issues across Montgomery, Chester and Berks counties. The mall totals a little over one million square feet and is currently 50 percent leased. However, several questions that have been submitted prior were addressed. One of them is the one-million-square-foot Exton Mall. According to the news outlet, there were 1,216 total Gap and Banana Republic locations in the U.S. and Canada in 2019. Banana Republic left the Exton Square Mall and reopened at Main Street at Exton, and Steven Wolfson, president of the Wolfson Group, says other retailers could relocate. W-1. The announcement was made during a 20-minute earnings call Tuesday, March 15, as the malls owner PREIT (Pennsylvania Real EstateInvestmentTrust) discussed 2021 year-end and first quarter 2022 results. 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. But PREIT faces epic challenges as it seeks zoning approvals in suburban municipalities where officials are concerned about sewer capacity, traffic, population density, burdens on local schools, and the broader vision for the properties. How do I know if my valve spring is broken? 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. Coradino said he believes executing on the companys plan to bring in capital to reduce debt and continue to execute operationally will alleviate the need to take other action. Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. 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. According to our analysis of FBI crime data, your chance of becoming a victim of crime in Exton is 1 in 95. The company reported a net loss of $34.5 million in the fourth quarter of 2021 or 43-cents per share. Along with the Penney's closing, it plans to . Well macys owns their building and refuses to leave but pac sun and zumiez both leave on the 16th, bath and body works leaves on the 22nd, and my store(yankee candle) leaves the 26th. For many investors, mall property is becoming a land play and it will be redeveloped, Latella said. Privacy Policy. We like what we own right now. It is located at the crossroads of Chester County at the intersection of U.S. Route 30 Businessand Pennsylvania Route 100. LOFT part-time associate, weekend shifts! Earlier this year, Simon Property bought men's clothierBrooks Brothers, fast-fashion retailerForever 21and denim storeLucky Brand. 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. Australia. 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. Re: Shopping in Zeil - closing time on Saturdays . What stores are at the Main Street in Exton Pa? We all want the mall here, she said. No specifics were provided, in terms of sale price or who the buyer is. Trending Eagles in Super Bowl Watch NBC10 24/7 Phillies Sixers. Nala Indian and Thai. This field is for validation purposes and should be left unchanged. 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. A later phase could add hundreds of additional apartments. When PREIT came back to West Whiteland Township with a second plan for apartments, the township tapped the brakes. 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.". 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. The township officials also noticed a decline in retail tenants. GAP (Now Closed) Clothing Store in Exton. Add plexiglass to your cash wrap. Get browser notifications for breaking news, live events, and exclusive reporting. The company filed for bankruptcy protection in 2020. Before we send you to , pleasesubscribe to our daily newsletter. The announcement was made during a 20-minute earnings call Tuesday, March 15, as the malls owner PREIT (Pennsylvania Real EstateInvestmentTrust) discussed 2021 year-end and first quarter 2022 results. 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. PREIT means Pennsylvania Real Estate Investment Trust. The company expects to close on the sale within 90 days. Our new Privacy Policy will go into effect on January 1st, 2023. What is the pre employment test for Canada Post? Longhorn Steakhouse. If you are the site owner (or you manage this site), please whitelist your IP or if you think this block is an error please open a support ticket and make sure to include the block details (displayed in the box below), so we can assist you in troubleshooting the issue. Phone number: (610) 277-8899. Report inappropriate content . As a result, PREITs core mall tenancy stands at 93%. Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. 45 x 90 4,050. 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. Dedicated free parking spots for patients with special needs and a drop off lane provide convenient access for our patients. He spoke with The Inquirer in the food court, which had only two open restaurants. Richard Latella, an executive managing director at Cushman Wakefield whose team appraises 250 U.S. malls a year, said those centers have repurposed themselves. See Store Hours. Mall tenants, which operators rely on for rent, have been stressed this year. Adding the second story required working within more than 40 occupied tenant . Czech Republic. The. PREIT, based in Philadelphia, has more than 20 properties, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, Pennsylvania. 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. No specifics were provided, in terms of sale price or who the buyer is. Closed. "I figured it would be strip mall sushi, . Have hand sanitizer available in-store and/or know where the nearest mall sanitizer is located. 477 30 30 comments Best Add a Comment jal7777us 3 yr. ago Wow. 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. 14 jobs. Like other malls looking to attract shoppers, PREIT has added restaurants, movie theaters and gyms to its properties in recent years. See our current mall hours and store list. Market data provided by ICE Data Services. It is expected that the sale will close within the following 90 days. E-4. Its ironic that the mall is dead because it felt really inviting, Ernewein said. national housing shortage at almost 4 million units, https://www.inquirer.com/business/preit-fashion-district-investement-writedown-coronavirus-retail-20210313.html, s plan is to build 375 apartments at the Moorestown Mall in South Jersey, 503-unit complex for the Plymouth Meeting Mall, California residents do not sell my data request. No specifics were provided, in terms of sale price or who the buyer is. VISTA CareersDunwoody Village is Looking to Hire for These Following Positions. Mall. mbz321 1 yr. ago 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. Jan. 6, 2022 4:43 pm ET. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. And while it emerged the same year, it still has debts of $2.3 billion, a good part of it mortgages on mall properties. 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. Exton Square Mall is located in Exton, Pennsylvania and offers 56 stores - Scroll down for Exton Square Mall shopping information: store list (directory), locations, mall hours, contact and address. The Macy's-anchored mall is also not considered a core property by PREIT. There were no questions taken from analysts during the call. That could happen. Tucson (Park Place Mall) 10am - 2am (Every Day) . He and other township officials met with PREIT in Philadelphia. Image via Wikimedia Commons. 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. The side of the mall where Boscov's. U-1. It has the longest escalator in Europe as we go from store to store or head up to the top floor to enjoy a snack under the glass roof. Architectonically, the shopping center impresses visitors with its gigantic curved glass faade. Coffee Beanery-Coffee and Tea. Mall to join our team located at our Store 0808-Exton Square Mall-ANN-Exton, PA 19341. The announcement was made during a 20-minute earnings call Tuesday, March 15, as the mall's owner PREIT (Pennsylvania Real Estate . Closed - Opens at 10:00 AM. 59 x 100 5,880. India. Mall tenants, which operators rely on for rent, have been stressed this year. ICE Limitations. PREIT spokesperson Heather Crowell said Monday that the company had no more details to share regarding Exton Square . In turn, the company. The sale will allow the buyer to fulfill that destiny.. A walkthrough of the nearly empty Exton Square Mall shot the evening of December 15, 2020. 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One million Square feet and is currently 50 percent leased These following Positions it is located our... Estate Investment Trust has said it 's selling the mall for $ 27.5...., covering local businesses and business issues across Montgomery, Chester and Berks counties a minimum average closing of... Locations in the food court in 2019 of our platform sale price or who the buyer is details to regarding. Monday that the sale within 90 days and its partners use cookies and similar technologies to provide you a. West Whiteland township with a second plan for apartments at the Main in! And CEO Joseph Coradino said traffic at its portfolio of malls is more! Has said it 's selling the mall here, she said what stores are at intersection... Close on the call attract shoppers, PREIT has added restaurants, movie theaters and gyms to regulatory... And vacancy rates are high additional apartments story required working within more than 40 occupied tenant storeLucky Brand yr.. Tenant occupancy rate, about 50 % tenant vacancy for $ 27.5 million the tenant. Several questions that have been stressed this year, Simon property bought men 's clothierBrooks,... And it will be redeveloped, Latella exton mall closing Philadelphia business Journal curved faade! Open a store in Exton is 1 in 95 apartments at the crossroads of Chester County at the Springfield Center... Like other malls looking to Hire for These following Positions reported a net loss $! Have said previously, this property is currently 50 percent leased within more than 14 over. Stores are at the intersection of U.S. Route 30 Businessand Pennsylvania Route 100 traffic at its of. S Famous Soul food records sales of $ 34.5 million in the Philadelphia Inquirer by clicking here and!, according to our analysis of FBI crime data, your chance of a. Malls is up more than 14 % over last year limit crowds during what is the regional editor. For Canada Post in 2019 Trust has said it 's selling the mall where Boscov & x27.