See Store Hours. Boscov's is located in Exton Square. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. I'm really sorry to hear, hope you're able to find new work soon. U-1. Coradino confirmed that PREIT developed the master plan for the Exton Square Mall but as they were doing so, a buyer approached PREIT. 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. Plymouth residents are concerned over increased sewer capacity and traffic. The Macys-anchored mall is also not considered a core property by PREIT. Mall tenants, which operators rely on for rent, have been stressed this year. PREIT developed a plan for 2,000 new apartments, plus retailers, two hotels, and public space. Salad Works. 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. I guess that scared them away as they planned on opening one at Neshaminy, a mall that is on the same path as Exton. It is expected that the sale will close within the following 90 days. The Pennsylvania Real Estate Investment Trust (PREIT) has agreed to sell Exton Square Mall to Brandywine Realty Trust for $27.5 million, writes Natalie Kostelni for the Philadelphia Business Journal. One of them is the one-million-square-foot Exton Mall. 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. And while it emerged the same year, it still has debts of $2.3 billion, a good part of it mortgages on mall properties. This field is for validation purposes and should be left unchanged. 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. Popular restaurant types near me. . Get browser notifications for breaking news, live events, and exclusive reporting. 94 x 95 8,940. Theres no other location THAT close though. This sale will allow the builder to fulfill that destiny.. For more information, please see our 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. Plymouth Meeting, PA. 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. Mall. Turns out 5 stores including mine are closing this month. Main Line Health Exton Square 154 Exton Square Parkway Exton, Pennsylvania 19341 Why is Exton mall closing? 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. 1,940. Investigators are looking for three people accused of stealing roughly . Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. For many investors, mall property is becoming a land play and it will be redeveloped, Latella said. GAP (Now Closed) Clothing Store in Exton. 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. 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. Dedicated free parking spots for patients with special needs and a drop off lane provide convenient access for our patients. Opens at 9am. Coffee Beanery-Coffee and Tea. Living in Exton offers residents a dense suburban feel and most residents rent their homes. Who owns the fashion district in Philadelphia? As a result of this analysis, we can confirm that we will be winding down the Banana Republic sites in Europe by the end of May, the company said in a statement. The large MyZeil mall and e.g. PREIT spokesperson Heather Crowell said Monday that the company had no more details to share regarding Exton Square . Earlier this year, Simon Property bought men's clothierBrooks Brothers, fast-fashion retailerForever 21and denim storeLucky Brand. 245 Exton Square Mall. 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. They have since opened 3 other locations in the area. / CBS/AP. Opens at 10:00 AM. MacerichPennsylva Real Estate Investment From Eastern Mountain to the Movie Tavern, Main Street at Exton has just about every shopping and eating experience you could desire. Re: Shopping in Zeil - closing time on Saturdays . LOFT. What are the parts of a drum brake system? Pennsylvania Real Estate Investment Trust Opens at 9am. For pictures, articles, videos and discussions of malls from the pastand current malls in their dead, dying, abandoned or currently being demolished state. He considered it a well-maintained mall that does not look drab like a lot of malls that he films. The plan was given the green light at an accelerated schedule, giving PREIT a chance to begin their rebound during the holiday shopping season. 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. Our new Privacy Policy will go into effect on January 1st, 2023. Exton Square Mall is a beautiful but dead mall. Before we send you to , pleasesubscribe to our daily newsletter. Most Exton Square Mall stores and restaurants are OPEN on these holidays: - New Year's Day 11:00AM-6:00PM - Martin Luther King, Jr. Day (MLK Day) - Valentine's . As we have said previously, this property is better suited as mixed-use, Coradino said on the call. Your IP address is listed in our blacklist and blocked from completing this request. The Macy's-anchored mall is also not considered a core property by PREIT. 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 Macy's-anchored mall is also not considered a core property by PREIT. There hasnt really been a lot of public meetings where they have presented the idea, Manero said. 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. Coradino said traffic at its portfolio of malls is up more than 14% over last year. We all want the mall here, she said. Exton, PA 19341. 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. This is a mall that has fallen on hard times the last few years. Exton Square Mallis a shopping malllocated in the Exton, Pennsylvaniain West Whiteland Townshipin Chester County, Pennsylvania. Attributes Retail & Restaurant , Commercial , Pennsylvania. An empty storefront at the Exton Square Mall. But he adds that I want [Exton Square] to be successful. 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. 2022-03-20 - By Donna Rovins drovins@pottsmerc.com. Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. This portal has started its operations with the commitment of fearless, investigative, informative and neutral journalism. But by the end of 2023, there are expected to be 870 stores left. opening late and/or closing early on these days. PREIT is a big-time proponent of that trend. 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. November 2, 2020 / 6:12 PM DEAD MALL - EXTON SQUARE MALL - EXTON PAwww.patreon.com/acesadventures He spoke with The Inquirer in the food court, which had only two open restaurants. Maggie Moos. Like other malls looking to attract shoppers, PREIT has added restaurants, movie theaters and gyms to its properties in recent years. PREIT means Pennsylvania Real Estate Investment Trust. 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. As a result, PREITs core mall tenancy stands at 93%. The shopping mall is conveniently located in the heart of the city center. 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. 12.8 km. 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. No specifics were provided, in terms of sale price or who the buyer is. No specifics were provided, in terms of sale price or who the buyer is. "I figured it would be strip mall sushi, . If you continue to use this site we will assume that you are happy with it. Anthony Ernewein, 39, who works in logistics in Buffalo, N.Y., travels on his off time to visit what he calls dying malls and shoots videos that he posts on YouTube. Popular cuisines near me. Not sure whats going to come of this mall once everyone is gone. 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. Apr 25, 2022. Existing anchors include Boscov's, Macy's, and Round1. Image via Wikimedia Commons. However, several questions that have been submitted prior were addressed. 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. Springfield Town Center. Officials now are considering an ordinance that would allow the construction of other apartments or condos in the Willow Grove Park area close to nearby train stations, Manfredi said. 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.. It happened around 5:30 p.m. on Wednesday. Text. The property is currently 50-percent occupied and records sales of $283 a square foot. 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. Hyattsville, MD. 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. As a result, PREITs core mall tenancy stands at 93%. LOFT part-time associate, weekend shifts! 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. One of them is the one-million-square-foot Exton Mall. Brazil. The mall houses about 100 shops and . 51 x 100 6,726. This is our walkthrough of the Exton Square Mall in Exton, PA from December 24, 2018. 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! - - Exton Sq. PREIT, based in Philadelphia, has more than 20 properties, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, Pennsylvania. He added that PREIT has not received the level of acceptance in Plymouth Meeting as it has in other locations. 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