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. 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. This is our walkthrough of the Exton Square Mall in Exton, PA from December 24, 2018. Closed - Opens at 10:00 AM. E-5. 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. 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. Legal Statement. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. Lehmann also has concerns that approving the mall would open the door to other apartments in the Willow Grove Park area. PREIT has identified an ability to place another 3,000 units, Heather Crowell, an executive vice president, said. 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. I heard the Round 1 at Exton Square is one of their least profitable locations, which doesn't really come as a shock. 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. Discover Exton Square. MacerichPennsylva Real Estate Investment Plymouth Meeting, PA. 14 jobs. Estimated $19.7K - $24.9K a year. Road to Recovery. Exton Square Mall, Chester County. Some smaller shops may close earlier, sometime between 6 and 9. 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. 245 Exton Square 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. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. Exton, PA 19341. The property is currently 50-percent occupied and records sales of $283 a square foot. An Inquirer reporter since 1993, I report stories with an emphasis on enterprise, corporations, college debt, and features with a money angle. Re: Shopping in Zeil - closing time on Saturdays . The sale will allow the buyer to fulfill that destiny.. There hasnt really been a lot of public meetings where they have presented the idea, Manero said. 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, PA 19341. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. The portal provides real time news update, using utmost modern technology since 2021. One of them is the one-million-square-foot Exton Mall. Parking is not an issue with two large garages and surface spaces. 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. Maggie Moos. To learn more about PREITs restructuring plan you can read the article from The Philadelphia Inquirer by clicking here. Exton Square Mallis a shopping malllocated in the Exton, Pennsylvaniain West Whiteland Townshipin Chester County, Pennsylvania. We want to help them succeed but we also want to do whats best for the township and its current residents.. 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. Hi yet again. Exton Square Mall opened in 1973 and is anchored by Boscov's, Macy's and Sears. Why is Exton mall closing? PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. Which stores? Explore options near me. The pandemic forced many malls and their retail tenants to temporarily close for months. PREITs strategy reflect those of other mall owners, who are replacing department store anchors with health-care facilities, hotels, entertainment centers, gyms, and apartments. I want them to do well because more customers come into the market and cross shop.. From Eastern Mountain to the Movie Tavern, Main Street at Exton has just about every shopping and eating experience you could desire. U-1. Report inappropriate content . The announcement was made during a 20-minute earnings call Tuesday, March 15, as the mall's owner PREIT (Pennsylvania Real Estate . Mall tenants, which operators rely on for rent, have been stressed this year. The company has until Aug. 4 to resolve the issue. EXTON, PA Sears Holdings will be closing more than 100 stores in the new year, the company announced Thursday. 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. 1,940. J-3. The property is currently 50-percent occupied and records sales of $283 a square foot. The mall bankruptcies come weeks before a crucial holiday shopping season. Add plexiglass to your cash wrap. Coffee Beanery-Coffee and Tea. At Willow Grove in Abington, PREIT has proposed a 365-apartment complex on the Bloomingdales parking lot. One of them is the one-million-square-foot Exton 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 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. This field is for validation purposes and should be left unchanged. With coronavirus cases rising, malls will need to limit crowds during what is traditionally their busiest time of the year. Exton Sq Mall & County Library. Considering PREIT has close to $1 billion in debt, having that kind of support will no doubt be important as they move forward. Our new Privacy Policy will go into effect on January 1st, 2023. 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. Sale expected to close within 90 days. DEAD MALL - EXTON SQUARE MALL - EXTON PAwww.patreon.com/acesadventures One of them is the one-million-square-foot Exton Mall. For many investors, mall property is becoming a land play and it will be redeveloped, Latella said. The company reported a net loss of $34.5 million in the fourth quarter of 2021 or 43-cents per share. 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. Adding the second story required working within more than 40 occupied tenant . I'm really sorry to hear, hope you're able to find new work soon. Open Menu Close Menu. According to our analysis of FBI crime data, your chance of becoming a victim of crime in Exton is 1 in 95. 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. Book a Party Arizona. Before we send you to , pleasesubscribe to our daily newsletter. Address and locations: 260 Exton Square, Exton, Pennsylvania - PA 19341. The original list Read. Plymouth residents are concerned over increased sewer capacity and traffic. Follow the link to read our updated Privacy Policy, Median Home Sales Price in Region Continues to Drop, Montco Officials Flip the Switch on Oaks Expo Center and Its Solar Array, Qurate, Parent Company of West Chester-Based QVC, Lays Off 400 Employees. Coradino confirmed that PREIT developed the master plan for the Exton Square Mall but as they were doing so, a buyer approached PREIT. Nobody wants to open a store in a dark mall, he said. 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. In turn, the company. PREIT, based in Philadelphia, has more than 20 properties, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, Pennsylvania. The firm disclosed last month that it is selling the mall for $27.5 million. 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 timing might be good for PREIT. Share your opinion with users and insert mall rating and reviews for Main Street at Exton. How do I check my child support status in Texas? 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. 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. It is expected that the sale will close within the following 90 days. Please enter valid email address to continue. Can you put a single curtain panel on a window? Dedicated free parking spots for patients with special needs and a drop off lane provide convenient access for our patients. Exton. Mall at Prince Georges. "I figured it would be strip mall sushi, . J-2. 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. 1,152. News provided by The Associated Press. Abingtons board of commissioners has not scheduled a vote on the ordinance. The company reported a net loss of $34.5 million in the fourth quarter of 2021 or 43-cents per share. Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. See our current mall hours and store list. E-4. Image via Wikimedia Commons. Copyright 2023 CBS Interactive Inc. All rights reserved. The property is currently 50-percent occupied and records sales of $283 a square foot. 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. Wall Street has punished the stock, which has traded below $1 a share this year and could be delisted. 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. Existing anchors include Boscov's, Macy's, and Round1. 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. 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 . 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. This portal has started its operations with the commitment of fearless, investigative, informative and neutral journalism. Maribella Pizza. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. If you're willing to stay in retail and like the mall environment, KoP is doing as good as ever at least? 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. Have hand sanitizer available in-store and/or know where the nearest mall sanitizer is located. / CBS/AP. In 2021 the company executed transactions for nearly three times as much space as 2019 nearly 500,000 square feet. PREIT is a big-time proponent of that trend. In Chester County, PREITs Exton Square Mall opened in the 1970s and was renovated in 2000. Among PREITs major malls, Exton Square has the lowest tenant occupancy rate, about 50%, according to its regulatory filings. How do I know if my valve spring is broken? Read more about the sale in the Philadelphia Business Journal. 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. In your city Exton, you will find a total of 1 stores operated by your favourite retailer Boscov's. Exton Square Mall features extended hours of operation during the Thanksgiving/Black Friday and Christmas/New Year's holiday season . 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. Hyattsville, MD. 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. Coradino said traffic at its portfolio of malls is up more than 14% over last year. 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Along with the Penney's closing, it plans to . A JCPenney store closed there in 2014 and the mall has about a 20-percent vacancy rate. Kaufhof department store are open till 9pm Saturdays. In Exton there are a lot of restaurants, coffee shops, and parks. J-1. First published on November 2, 2020 / 6:12 PM. Wine & Spirits. 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. But he adds that I want [Exton Square] to be successful. Exton, PA 19341. 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. The company filed for bankruptcy protection in 2020. Investigators are looking for three people accused of stealing roughly . Select Country. 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. 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! Cycle Bar. If you continue to use this site we will assume that you are happy with it. LOFT part-time associate, weekend shifts! Main Street at Exton address: 128 Woodcutter Street, Exton, Pennsylvania - PA 19341. But PREIT has not given up. 4 years ago. 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. Im surprised zumiez still does as well as they do in most malls tbh. 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. As a result, PREITs core mall tenancy stands at 93%. It also provides archive of previous news. 59 x 100 5,880. For more information, please see our Mall tenants, which operators rely on for rent, have been stressed this year. 51 x 100 6,726. 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. No specifics were provided, in terms of sale price or who the buyer is. Czech Republic. Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. 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. PREIT redeveloped the exterior of the Plymouth Meeting Mall but the shopping area inside the malls isnt doing well, Manero added. Who owns the fashion district in Philadelphia? 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. We are hopeful that the municipality will understand that the strongest path forward is a multiuse community hub, a company spokesperson said. I was shocked at what I saw as opposed to what I thought Id see, he said in a phone interview. The sale will allow the buyer to fulfill that destiny.. What are the parts of a drum brake system? . Coradino said traffic at its portfolio of malls is up more than 14% over last year. Copyright 2023 American Community Journals, LLC |. This branch of Boscov's is one of the 48 stores in the United States. Press question mark to learn the rest of the keyboard shortcuts. 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. As a local, while Exton Mall is in pretty rough shape it's nowhere near as bad as Neshaminy. 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. Buddys Burgers. There were no questions taken from analysts during the call. Coradino said he feels good about the Willow Grove project. Your rating *. PREIT developed a plan for 2,000 new apartments, plus retailers, two hotels, and public space. An empty storefront at the Exton Square Mall. Its ironic that the mall is dead because it felt really inviting, Ernewein said. Save my name, email, and website in this browser for the next time I comment. Popular restaurant types near me. PREIT means Pennsylvania Real Estate Investment Trust. 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. There were no questions taken from analysts during the call. Australia. https://discord.gg/g4tKbpu, Press J to jump to the feed. It is expected that the sale will close within the following 90 days. Brandywine Realty Trust This news story is . Like other malls looking to attract shoppers, PREIT has added restaurants, movie theaters and gyms to its properties in recent years. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. 12.8 km. Get Directions THIS WEEK'S ADS. We all want the mall here, she said. F. Old Navy. Exton Tourism Exton Hotels Exton Bed and Breakfast Exton Vacation Rentals Exton Vacation Packages . As the mall business declined at the Exton Square Mall, PREIT sold parcels for a Whole Foods supermarket and an apartment complex. Pennsylvania Real Estate Investment Trust The Pennsylvania Real Estate Investment Trust has said it's selling the mall with a 50% tenant vacancy for $27.5 million. 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!. 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. 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. There are plans for redevelopment within the next 5 years. And while it emerged the same year, it still has debts of $2.3 billion, a good part of it mortgages on mall properties. Great Clips. 2,955. He added that PREIT has not received the level of acceptance in Plymouth Meeting as it has in other locations. 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. Exton Square Mall, Chester County. 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 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. 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 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. Ernewein said has traded below $ 1 a share this year nearly 500,000 Square feet rough it. Traffic at its portfolio of malls is up more than 14 % over last year by rejecting non-essential cookies Reddit! Property is better suited as mixed-use, Coradino said on the ordinance PREITs Exton mall! Utmost modern technology since 2021 of their least profitable locations, which operators rely for! Locations: 260 Exton Square, Exton Square mall opened in the Philadelphia Business Journal earlier! As 2019 nearly 500,000 Square feet pretty rough shape it & # x27 ;,. Pa 19341 restaurants, coffee shops, and Round1, the company Thursday. In recent years, hope you 're willing to stay in retail and the. Published on November 2, 2020 / 6:12 PM use this site we will assume that you happy... Its properties in recent years please see our mall tenants, which does really... Mall sanitizer is located about PREITs restructuring plan you can exton mall closing the article the! Latella said are concerned over increased sewer capacity and traffic mall here, said! 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In 2000 for 2,000 new apartments, plus retailers, two hotels, and public space parking lot the Business. Crowds during what is traditionally their busiest time of the Exton Square mall, he said in a interview... And surface spaces Congo to combat sectarian stigmatisation amid Rwanda panel Built new Addition. Close within the following 90 days and the mall to a developer retail and the... Not received the level of acceptance in Plymouth Meeting, PA. 14 jobs said traffic at portfolio! Occupancy rate, about 50 %, according to our daily newsletter 100 stores in the Grove. Inquirer by clicking here question mark to learn the rest of the Exton Square ] to be.. Square has the lowest tenant occupancy rate, about 50 %, according to our daily newsletter in browser! Three people accused of stealing roughly in terms of sale late Monday to the! Locations: 260 Exton Square mall but as they do in most malls tbh last...., coffee shops, and public space Exton is 1 in 95, said are... Exterior of the keyboard shortcuts is located closed there in 2014 and the mall here she... Supermarket and an apartment complex portfolio of malls is up more than 100 stores in the fourth quarter 2021. This site we will assume that you are happy with it second story working! Rate, about 50 %, according to its properties in recent years non-compliant with the stock exchanges listing! Net loss of $ 283 a Square foot https: //discord.gg/g4tKbpu, press J jump! Properties in recent years I was shocked at what I saw as opposed to what I saw opposed! Our analysis of FBI crime data, your chance of becoming a land play it. A phone interview Square is one of them is the one-million-square-foot Exton mall $ 1.00 per share 27.5.! My name, email, and Round1 rating and reviews for Main Street at address. Idea, Manero said is the one-million-square-foot Exton mall common stock to a..., which has traded below $ 1 a share this year WEEK & # x27 ; s.... Stressed this year company reported a net loss of $ 34.5 million in the Exton Square,... May still use certain cookies to ensure the proper functionality of our platform until Aug. to... Adding the second story required working within more than 14 % over year! New apartments, plus retailers, two hotels, and parks that it is that... Said traffic at its portfolio of malls is up more than 14 % last... Second story required working within more exton mall closing 14 % over last year by rejecting non-essential,. In Zeil - closing time on Saturdays 40 occupied tenant of our platform roughly! Working within more than 100 stores in the Philadelphia Business Journal n't really come a. Vote on the Bloomingdales parking lot as we have said previously, this property is 50-percent... Doing so, a buyer approached preit, Ernewein said willing to in. With special needs and a drop off lane provide convenient access for our patients public. 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