In 2021 the company executed transactions for nearly three times as much space as 2019 nearly 500,000 square feet. $10 for two. 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. Businesses Goal is a worldwide online news portal. Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. PHILADELPHIA The owner of Exton Square Mall in West Whiteland has entered into an agreement to sell the property. 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. 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. No specifics were provided, in terms of sale price or who the buyer is. Exton Sq Mall & County Library. . The side of the mall where Boscov's. And it's pretty close, Unfortunately kop is an hour long bus ride to and from for me and the car my bf drives is 22 years old so going back and forth from kop isnt possible sadly. Copyright 2023 American Community Journals, LLC |. Its ironic that the mall is dead because it felt really inviting, Ernewein said. This is a mall that has fallen on hard times the last few years. 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. / CBS/AP. We like what we own right now. It happened around 5:30 p.m. on Wednesday. "As we have said previously, this property is better suited as mixed-use," Coradino said on the call. Canada. Chile. 146 Exton Square Mall, Exton, PA 19341, USA. It is expected that the sale will close within the following 90 days. From Eastern Mountain to the Movie Tavern, Main Street at Exton has just about every shopping and eating experience you could desire. 45 x 90 4,050. 59 x 100 5,880. 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. To learn more about PREITs restructuring plan you can read the article from The Philadelphia Inquirer by clicking here. As a result, PREITs core mall tenancy stands at 93%. 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. The closures include the . (610) 363-2110. Estimated $19.7K - $24.9K a year. Prepared to Thrive. Indonesia . By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Market data provided by ICE Data Services. Brandywine Realty Trust is set to buy the Exton Square Mall from PREIT for $27.5 million, according to U.S. Securities and Exchange Commission documents. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. 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. Coradino said traffic at its portfolio of malls is up more than 14% over last year. Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. 1,940. Exton, PA 19341. One of them is the one-million-square-foot Exton Mall. 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. LOFT part-time associate, weekend shifts! An Inquirer reporter since 1993, I report stories with an emphasis on enterprise, corporations, college debt, and features with a money angle. PREIT has identified an ability to place another 3,000 units, Heather Crowell, an executive vice president, said. 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. Defections have hurt. The plan was given the green light at an accelerated schedule, giving PREIT a chance to begin their rebound during the holiday shopping season. Exton is in Chester County and is one of the best places to live in Pennsylvania. I remember when this place was alive and vibrant. Book a Party Arizona. Shops & Services. This field is for validation purposes and should be left unchanged. 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. Parking is not an issue with two large garages and surface spaces. 126 Exton Square Mall. Longhorn Steakhouse. I'm really sorry to hear, hope you're able to find new work soon. Trending Eagles in Super Bowl Watch NBC10 24/7 Phillies Sixers. The property is currently 50-percent occupied and records sales of $283 a square foot. This field is for validation purposes and should be left unchanged. 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. What stores are at the Main Street in Exton Pa? 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. Tucson (Park Place Mall) 10am - 2am (Every Day) . As a local, while Exton Mall is in pretty rough shape it's nowhere near as bad as Neshaminy. Please enter valid email address to continue. Popular restaurant types near me. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Your IP address is listed in our blacklist and blocked from completing this request. 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. PREIT developed a plan for 2,000 new apartments, plus retailers, two hotels, and public space. Share your opinion with users and insert mall rating and reviews for Main Street at Exton. 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. If you have reached this page, you probably often shop at the Boscov's store at Boscov's Exton - 126 Exton Square Mall.We have the latest flyers from Boscov's Exton - 126 Exton Square Mall right here at Weekly-ads.us!. Image via Wikimedia Commons. 94 x 95 8,940. 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. 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. 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. The firm disclosed last month that it is selling the mall for $27.5 million. MacerichPennsylva Real Estate Investment Exton is a suburb of Philadelphia with a population of 5,382. 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. What's New Activities Locations Membership Food Menu Careers. 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. 245 Exton Square Mall. This is our walkthrough of the Exton Square Mall in Exton, PA from December 24, 2018. 14 jobs. The company reported a net loss of $34.5 million in the fourth quarter of 2021 or 43-cents per share. 2. Press question mark to learn the rest of the keyboard shortcuts. Coffee Beanery-Coffee and Tea. Cycle Bar. One of them is the one-million-square-foot Exton Mall. But. The sale will allow the buyer to fulfill that destiny.. The Macy's-anchored mall is also not considered a core property by PREIT. 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. Every restaurant within the mall's food court is closed and NBC10's Tim Furlong went to Chester County to ask why. The Macy's-anchored mall is also not considered a core property by PREIT. 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 company is working to return to compliance with the New York Stock Exchange, which said in February PREIT was in danger of being delisted. DEAD MALL - EXTON SQUARE MALL - EXTON PAwww.patreon.com/acesadventures I guess that scared them away as they planned on opening one at Neshaminy, a mall that is on the same path as Exton. Mall tenants, which operators rely on for rent, have been stressed this year. 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