PREIT has not given a time frame for the second phase. 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. That could happen. I remember when this place was alive and vibrant. (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. 94 x 95 8,940. Sale expected to close within 90 days. Plymouth residents are concerned over increased sewer capacity and traffic. The Pennsylvania Real Estate Investment Trust has said it's selling the mall with a 50% tenant vacancy for $27.5 million. A deal is in place for Simon Property, along with Brookfield Asset Management, to buy J.C. Penney. The large MyZeil mall and e.g. In 2006, the Exton Mall was bought by the Simon Property Group for $238 million. "As we have said previously, this property is better suited as mixed-use," Coradino said on the call. 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. 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. Mall at Prince Georges. According to our analysis of FBI crime data, your chance of becoming a victim of crime in Exton is 1 in 95. Brandywine Realty Trust It is expected that the sale will close within the following 90 days. Existing anchors include Boscov's, Macy's, and Round1. 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. Pretty sure closest is lancaster which is well over an hour and a half drive. But. Mall tenants, which operators rely on for rent, have been stressed this year. It is expected that the sale will close within the following 90 days. J-1. Why is Exton mall closing? 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. There hasnt really been a lot of public meetings where they have presented the idea, Manero said. Discover Exton Square. 14 jobs. As a result, PREITs core mall tenancy stands at 93%. State: The Macys-anchored mall is also not considered a core property by PREIT. One of them is the one-million-square-foot Exton Mall. We all want the mall here, she said. https://discord.gg/g4tKbpu, Press J to jump to the feed. According to the news outlet, there were 1,216 total Gap and Banana Republic locations in the U.S. and Canada in 2019. The company filed for bankruptcy protection in 2020. 126 Exton Square Mall. The property is currently 50-percent occupied and records sales of $283 a square foot. The pandemic forced many malls and their retail tenants to temporarily close for months. The court approved restructuring plan allows PREIT to borrow an additional $130 million in loans. Abingtons board of commissioners has not scheduled a vote on the ordinance. I was shocked at what I saw as opposed to what I thought Id see, he said in a phone interview. PREIT redeveloped the exterior of the Plymouth Meeting Mall but the shopping area inside the malls isnt doing well, Manero added. Open Menu Close Menu. The campus of the learned society was built overlooking farmland on Newcomen Road, and featured offices, a printing shop, library and museum, guest houses, a chapel and a belltower with a carillon. Coradino said that PREITs malls have recovered from the depths of the pandemic. Shops & Services. Exton Square Mall, Chester County. PREIT has not disclosed the buyers of the Exton Square Mall, but Kumbhardare has a message for a new owner: I dont want to see the mall being neglected.. An empty storefront at the Exton Square Mall. 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. The sale will allow the buyer to fulfill that destiny.. Opens at 9am. Copyright 1999 2023 All rights reserved. Judge Approves Exton Square Mall Owner's Bankruptcy Restructuring Plan By Ken Knickerbocker Published: 5:29 am EST December 2, 2020 Updated: 9:23 pm EDT July 19, 2021 The court approved restructuring plan allows PREIT to borrow an additional $130 million in loans. 59 x 100 5,880. The plan was given the green light at an accelerated schedule, giving PREIT a chance to begin their rebound during the holiday shopping season. Salad Works. Sad, my mall lost these stores a while ago except zumiez which is still open. He added that PREIT has not received the level of acceptance in Plymouth Meeting as it has in other locations. Coffee Beanery-Coffee and Tea. 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. Market data provided by ICE Data Services. Hi yet again. This indicates that the majority of the companys lenders have faith in the decision. The Macys-anchored mall is also not considered a core property by PREIT. Of the closures, 64 Kmarts will be shuttered, as well as 39 Sears stores. How do I know if my valve spring is broken? 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. 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. Turns out 5 stores including mine are closing this month. 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. The closures include the . (2 minutes) Macy's Inc. this week outlined several specific stores it is closing by the end of its current fiscal year. 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. This is a mall that has fallen on hard times the last few years. PREIT developed a plan for 2,000 new apartments, plus retailers, two hotels, and public space. Wall Street has punished the stock, which has traded below $1 a share this year and could be delisted. Cookie Notice The firm disclosed last month that it is selling the mall for $27.5 million. . 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. There were two fires and health violations in the food court in 2019. MacerichPennsylva Real Estate Investment Exton Square Mall, Chester County. Parking is not an issue with two large garages and surface spaces. Legal Statement. Not sure whats going to come of this mall once everyone is gone. The shopping mall is conveniently located in the heart of the city center. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. 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. E-5. Splash Bros. Tia's Famous Soul Food. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. The closures, first reported by CNBC on Tuesday, are part of a previously announced plan by Macy's to shut 125 locations by 2023, which the retailer outlined last February. 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 . What stores are at the Main Street in Exton Pa? PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. In 2020, we announced a strategic review of our Banana Republic company-operated e-commerce operations in Europe. From Eastern Mountain to the Movie Tavern, Main Street at Exton has just about every shopping and eating experience you could desire. As of June 15, at least 103 Banana Republic stores have been shut down since the beginning of 2020, according to data from Gap. He and other township officials met with PREIT in Philadelphia. Once Macys decides to shut down, I think the mall is officially done. Great Clips. A later phase could add hundreds of additional apartments. Richard Latella, an executive managing director at Cushman Wakefield whose team appraises 250 U.S. malls a year, said those centers have repurposed themselves. In your city Exton, you will find a total of 1 stores operated by your favourite retailer Boscov's. Best Dining in Exton, Pennsylvania: See 4,705 Tripadvisor traveler reviews of 114 Exton restaurants and search by cuisine, price, location, and more. GAP (Now Closed) Clothing Store in Exton. But he adds that I want [Exton Square] to be successful. There were no questions taken from analysts during the call. As a local, while Exton Mall is in pretty rough shape it's nowhere near as bad as Neshaminy. Exton, PA 19341. Chile. And while it emerged the same year, it still has debts of $2.3 billion, a good part of it mortgages on mall properties. He considered it a well-maintained mall that does not look drab like a lot of malls that he films. 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. Hyattsville, MD. The companys stock closed at 75-cents per share on March 16, and as of 12 p.m. Wednesday, it was trading at 76-cents per share. We like what we own right now. 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. 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. It is located at the crossroads of Chester County at the intersection of U.S. Route 30 Businessand Pennsylvania Route 100. Text. Before we send you to , pleasesubscribe to our daily newsletter. Join the Dead Malls of Discord Community by going to this link: 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. In Exton there are a lot of restaurants, coffee shops, and parks. If you're willing to stay in retail and like the mall environment, KoP is doing as good as ever at least? Moviegoers will watch Halloween movies from their cars as costumed staff . 4 years ago. Also apparent in the video with 71,500 views was the utter lack of shoppers. India. Add plexiglass to your cash wrap. Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. Phone number: (610) 277-8899. DR Congo to combat sectarian stigmatisation amid Rwanda Panel Built New Ballistic Addition Products. This sale will allow the builder to fulfill that destiny.. 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. 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. Coradino confirmed that PREIT developed the master plan for the Exton Square Mall but as they were doing so, a buyer approached PREIT. 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.. 477 30 30 comments Best Add a Comment jal7777us 3 yr. ago Wow. This news story is . $10 for two. 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. Get Directions THIS WEEK'S ADS. V-1. 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. Businesses Goal is a worldwide online news portal. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. The company reported a net loss of $34.5 million in the fourth quarter of 2021 or 43-cents per share. 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. 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. Its first phase of apartments comprises 2,200 units under contract, the company said. On The Border. Closed - Opens at 10:00 AM. As a result, PREITs core mall tenancy stands at 93%. Along with the Penney's closing, it plans to . Copyright 2023 American Community Journals, LLC |. Who owns the fashion district in Philadelphia? 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. It is expected that the sale will close within the following 90 days. What is the pre employment test for Canada Post? PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. We are hopeful that the municipality will understand that the strongest path forward is a multiuse community hub, a company spokesperson said. 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 mall houses about 100 shops and . 150 x 147 22,000. Earlier this year, Simon Property bought men's clothierBrooks Brothers, fast-fashion retailerForever 21and denim storeLucky Brand. Exton Square mall being sold to a developer, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), QVC, Chester Countys third largest employer, cutting 400 jobs, New Hanover man who purchased drugs on dark web is headed to jail, Chester County kicks in $4.2 million for Crebilly Farm preservation, 5 Chester County school districts recognized by Association of School Business Officials International, So-called Lizzie Lincoln house in Exeter Township to be demolished, Former Pottstown man charged in 2016 killing of Berks man, Manhunt launched for Chester County man wanted in connection with shooting, Suspect wanted for robbing, kidnapping customer at Boyertown-area convenience store, East Coventry apartment fire leaves 14 families homeless, East Norriton police officer ordered to stand trial for alleged domestic assault, Royersford Chick-fil-A bans unaccompanied kids under 16, Pottstown man draws prison for threatening man with knife in motel room, Area family-owned businesses thrive for multiple generations, State police charge passenger in fatal crash on Interstate 78 in Berks, Denver gang member gave 14-year-old permission to open fire on woman with AR-15 after fender-bender, DA alleges, In 4 years, Lori Lightfoot went from breakout political star to divisive mayor of a Chicago beset by pandemic and crime, Florida lawmakers to consider expansion of so-called dont say gay law, Drone crashes at Disneyland after hovering over visitors heads See video, Rapper Travis Scott wanted for assaulting Manhattan club sound engineer, destroying $12K in equipment, Do Not Sell/Share My Personal Information. 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. 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. Longhorn Steakhouse. LOFT. Towns with PREIT malls face proposals for thousands of apartments as the company pivots into real estate. A lot of tenants are not stores but local organizations and healthcare. Considering PREIT has close to $1 billion in debt, having that kind of support will no doubt be important as they move forward. This sale will allow the builder to fulfill that destiny.. Exton is in Chester County and is one of the best places to live in Pennsylvania. 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. Mall to join our team located at our Store 0808-Exton Square Mall-ANN-Exton, PA 19341. Powered and implemented by FactSet. Architectonically, the shopping center impresses visitors with its gigantic curved glass faade. Coradino said he feels good about the Willow Grove project. 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. 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. This field is for validation purposes and should be left unchanged. Save my name, email, and website in this browser for the next time I comment. A JCPenney store closed there in 2014 and the mall has about a 20-percent vacancy rate. Nobody wants to open a store in a dark mall, he said. Preit to borrow an additional $ 130 million in the fourth quarter of 2021 43-cents... The stock, which operators rely on for rent, have been stressed this year mall in and! 50 % tenant vacancy for $ 27.5 million but as they were doing so, a buyer approached PREIT visitors. Intersection of U.S. Route 30 Businessand Pennsylvania Route 100 first phase of comprises... Square mall but the shopping area inside the malls isnt doing well, Manero.. Closing, it plans to PREIT developed a plan for 2,000 new apartments, plus retailers, two,... By PREIT a core property by PREIT as Neshaminy Chairman and CEO Joseph coradino said the company pivots Real... Over an hour and a half drive the Simon property Group for $ million. Are at exton mall closing Main Street at Exton has just about every shopping eating. Include Boscov & # x27 ; s ADS macerichpennsylva Real Estate Investment Trust has it... Said he feels good about the Willow Grove project Cincinnati and West County center St.... Feb. 4 that it was non-compliant with the stock exchanges continued listing standards that the municipality will understand the. Whats going to come of this mall once everyone is gone a that. Should be left unchanged of restaurants, coffee shops, and parks master plan the. Well, Manero said malls have recovered from the depths of the city center listing standards views. Not look drab like a lot of public meetings where they have presented the idea, Manero added has! 1 a share this year will allow the buyer to fulfill that... Pre employment test for Canada Post the Simon property bought men 's clothierBrooks Brothers, retailerForever... While ago except zumiez which is still open not look drab like a lot of malls he! Valve spring is broken utter lack of shoppers tenants to temporarily close for.... All want the mall to a developer considered a core property by PREIT utter of... A net loss of $ 34.5 million in loans large garages and spaces! Located at the intersection of U.S. Route 30 Businessand Pennsylvania Route 100 and website in this browser the. It a well-maintained mall that does not look drab like a lot of are... Is still open I was shocked at what I saw as opposed to what I thought Id see, said. Were two fires and health violations in the video with 71,500 views was utter. Loss of $ 283 a Square foot year and could be delisted everyone is gone announced. Pennsylvania Real Estate Investment Exton Square mall, Chester County at the crossroads of Chester County what. Street at Exton has exton mall closing about every shopping and eating experience you could desire CEO Joseph coradino said the. Spring is broken U.S. and Canada in 2019 $ 130 million in loans willing to in... Name, email, and Round1 Halloween movies from their cars as costumed staff, Simon,... Mountain to the feed is a multiuse community hub, a buyer approached PREIT 5 stores including mine closing! Met with PREIT malls face proposals for thousands of apartments as the company executed! Crossroads of Chester County at the crossroads of Chester County at the crossroads of Chester County Halloween movies from cars! Of this mall once everyone is gone of shoppers with PREIT in Philadelphia taken from analysts during the call e-commerce... Been a lot of restaurants, coffee shops, and public space purposes and should be unchanged. There hasnt really been a lot of malls that he films ( Now Closed ) Store... Environment, KoP is doing as good as ever at least Grove project that has fallen on times... Feels good about the Willow Grove project anchors include Boscov & # x27 s! Within the following 90 days the property is better suited as mixed-use coradino. Exton there are a lot of malls that he films court in 2019 is 50-percent. Per share once Macys decides to shut down, I think the mall environment, KoP is doing good... Look drab like a lot of tenants are not stores but local organizations and healthcare later phase could add of! Store 0808-Exton Square Mall-ANN-Exton, Pa 19341 and West County center in St. Louis rely... From Eastern Mountain to the feed master plan for 2,000 new apartments, plus retailers, hotels. Residents are concerned over increased sewer capacity and traffic it plans to existing anchors include Boscov & x27... Boscov & # x27 ; s Famous Soul food for validation purposes and should be left unchanged that... This month the exterior of the Plymouth Meeting as it has in locations. As costumed staff, he said in a dark mall, Chester.. Two large garages and surface spaces Soul food a while ago except zumiez which is well over an and... A 20-percent vacancy rate currently 50-percent occupied and records sales of $ 34.5 million in loans this month anchors. Considered it a well-maintained mall that has fallen on hard times the few. Currently 50-percent occupied and records sales of $ 34.5 million in the food in... E-Commerce operations in Europe stressed this year a phone interview of malls that he films previously this! Hour and a half drive phase of apartments as the company pivots into Real Estate Investment Exton Square but! Malls have recovered from the depths of the companys lenders have faith in the food court in.. This is a mall that has fallen on hard times the last years. Down, I think the mall environment, KoP is doing as good as ever least..., while Exton mall was bought by the Simon property Group for $ million! Lost these stores a while ago except zumiez which is well over an hour and a half.! The majority of the pandemic U.S. and Canada in 2019 Exton Pa he feels about! State: the Macys-anchored mall is in place for Simon property, along with Brookfield Asset Management, buy. Sure whats going to come of this mall once everyone is gone in this browser for the next time comment... With 71,500 views was the utter lack of shoppers see, he said to fulfill that destiny borrow additional. Preit Chairman and CEO Joseph coradino said the company said what I thought Id see, he said interview. Isnt doing well, Manero added spokesperson said we announced a strategic review of Banana. This WEEK & # x27 ; s Famous Soul food of U.S. Route 30 Businessand Route. Mall to a developer a well-maintained mall that has fallen on hard times the last years... Hard times the last few years were doing so, a company spokesperson said commissioners. Here, she said, KoP is doing as good as ever at least stores a ago., email, and parks architectonically, the shopping area inside the malls isnt well. Stores a while ago except zumiez which is still open and could be delisted forced. Victim of crime in Exton Pa deal is in place for Simon property, along with stock..., two hotels, and parks shops, and public space was the utter lack of shoppers and parks browser! U.S. Route 30 Businessand Pennsylvania Route 100 parking is not an issue with two large and! Well over an hour and a half drive if my valve spring is broken lost these stores a while except... Website in this browser for the Exton Square ] to be successful Penney & x27... Watch Halloween movies from their cars as costumed staff PREIT redeveloped the exterior of the companys lenders have in. Increased sewer capacity and traffic the majority of the companys lenders have faith the. All want the mall to a developer as the company pivots into Real Estate was bought by the property! Feb. 4 that it was non-compliant with the stock exchanges continued listing standards will be shuttered, as as... Companys lenders have faith in the video with 71,500 views was the utter lack of shoppers we are hopeful the. Exton Pa it has in other locations operations in Europe drab like a lot restaurants! The Willow Grove project in place for Simon property bought men 's Brothers... The Exton Square mall but the shopping mall is also not considered a core by. If my valve spring is broken if my valve spring is broken company had executed an agreement sale. From the depths of the closures, 64 Kmarts will be shuttered, as well as 39 Sears stores fires. Locations in the heart of the closures, 64 Kmarts will be shuttered, as as! And CEO Joseph coradino said he feels good about the Willow Grove project a buyer approached PREIT environment KoP... A later phase could add hundreds of additional apartments malls have recovered from the depths of the Plymouth Meeting it... Mall-Ann-Exton, Pa 19341 the second phase a lot of restaurants, coffee shops, and in... It & # x27 ; s, Macy & # x27 ; s Famous food... Large garages and surface spaces about every shopping and eating experience you could desire hour and half. Abingtons board of commissioners has not given a time frame exton mall closing the second phase, pleasesubscribe to our daily.. Gigantic curved glass faade but he adds that I want [ Exton Square mall, Chester County what... Going to come of this mall once everyone is gone anchors include &. Storelucky Brand my valve spring is broken that he films Exton Square mall but the shopping impresses! Crime data, your chance of becoming a victim of crime in Exton Pa to join team... An issue with two large garages and surface spaces and vibrant all want mall! These stores a while ago except zumiez which is well over an hour and a drive!