2,955. The company expects to close on the sale within 90 days. Great Clips. VISTA CareersDunwoody Village is Looking to Hire for These Following Positions. Indonesia . The announcement was made during a 20-minute earnings call Tuesday, March 15, as the mall's owner PREIT (Pennsylvania Real Estate . If you continue to use this site we will assume that you are happy with it. 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 Simon Property Group is an American real estate company that owns, develops, and manages shopping malls, retail centers, and mixed-use properties in North America, Europe, and Asia. Exton, PA 19341. 1,152. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. It also provides archive of previous news. Every restaurant within the mall's food court is closed and NBC10's Tim Furlong went to Chester County to ask why. Buddys Burgers. It is expected that the sale will close within the following 90 days. 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. (610) 280-6573. Re: Shopping in Zeil - closing time on Saturdays . Book a Party Arizona. 2. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. 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. See our current mall hours and store list. PREIT also has plans for apartments at the Springfield Town Center in Virginia and the Mall at Prince Georges in Maryland. Plymouth Meeting, PA. He and other township officials met with PREIT in Philadelphia. 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. This news story is . Brandywine could be considering converting a portion of Exton Square Mall into a lab and manufacturing space for life sciences companies to capitalize on Exton's growing concentration of biotech and life sciences companies. The Macy's-anchored mall is also not considered a core property by PREIT. Towns with PREIT malls face proposals for thousands of apartments as the company pivots into real estate. The company has until Aug. 4 to resolve the issue. No specifics were provided, in terms of sale price or who the buyer is. - - Exton Sq. Day of the Week. 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. Kaufhof department store are open till 9pm Saturdays. Coffee Beanery-Coffee and Tea. This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract, he said. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Cookie Notice PREIT redeveloped the exterior of the Plymouth Meeting Mall but the shopping area inside the malls isnt doing well, Manero added. News provided by The Associated Press. Hyattsville, MD. Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. Moviegoers will watch Halloween movies from their cars as costumed staff . Exton Square Mall opened in 1973 and is anchored by Boscov's, Macy's and Sears. 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. 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. 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. Also apparent in the video with 71,500 views was the utter lack of shoppers. The Macys-anchored mall is also not considered a core property by PREIT. Exton (Exton Square Mall) 10am-2am (Every Day) Philadelphia (Fashion District) 10am - 12am (Every Day) Erie (Millcreek Mall) 10am - 2am (Every Day) ICE Limitations. After the news broke, PREITs chief executive, Joseph F. Coradino, released a statement saying, We look forward to emerging from this process as a stronger, more innovative platform for our business partners.. However, several questions that have been submitted prior were addressed. State: 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. Some smaller shops may close earlier, sometime between 6 and 9. Exton Square Mall, Chester County. For more information, please see our Copyright 2023 American Community Journals, LLC |. Exton, PA 19341. This sale will allow the builder to fulfill that destiny.. Legal Statement. So much of this has been occurring during the pandemic. He added that PREIT has not received the level of acceptance in Plymouth Meeting as it has in other locations. In 2006, the Exton Mall was bought by the Simon Property Group for $238 million. 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. Explore options near me. 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. Best Dining in Exton, Pennsylvania: See 4,705 Tripadvisor traveler reviews of 114 Exton restaurants and search by cuisine, price, location, and more. The Macy's-anchored mall is also not considered a core property by PREIT. As a local, while Exton Mall is in pretty rough shape it's nowhere near as bad as Neshaminy. Maribella Pizza. There were two fires and health violations in the food court in 2019. But PREIT has not given up. 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. (2 minutes) Macy's Inc. this week outlined several specific stores it is closing by the end of its current fiscal year. See Store Hours. Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. A later phase could add hundreds of additional apartments. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. November 2, 2020 / 6:12 PM I heard the Round 1 at Exton Square is one of their least profitable locations, which doesn't really come as a shock. J-2. Brandywine Realty Trust Once Macys decides to shut down, I think the mall is officially done. Of the closures, 64 Kmarts will be shuttered, as well as 39 Sears stores. J-3. On The Border. A JCPenney store closed there in 2014 and the mall has about a 20-percent vacancy rate. I'm really sorry to hear, hope you're able to find new work soon. Mall tenants, which operators rely on for rent, have been stressed this year. When PREIT asked the township to permit its apartment complex, township manager Richard Manfredi said the township couldnt just approve zoning for one project. 15 x 95 1,470. It happened around 5:30 p.m. on Wednesday. Exton, PA 19341. opening late and/or closing early on these days. Splash Bros. Tia's Famous Soul Food. What is the pre employment test for Canada Post? Opens at 9am. 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. From Eastern Mountain to the Movie Tavern, Main Street at Exton has just about every shopping and eating experience you could desire. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. 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. The large MyZeil mall and e.g. 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. Sad, my mall lost these stores a while ago except zumiez which is still open. Architectonically, the shopping center impresses visitors with its gigantic curved glass faade. Nala Indian and Thai. The court approved restructuring plan allows PREIT to borrow an additional $130 million in loans. 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. J-1. 45 x 90 4,050. Earlier this year, Simon Property bought men's clothierBrooks Brothers, fast-fashion retailerForever 21and denim storeLucky Brand. The company filed for bankruptcy protection in 2020. 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. 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. Attributes Retail & Restaurant , Commercial , Pennsylvania. 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. 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.. Investigators are looking for three people accused of stealing roughly . 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.. Coradino said he feels good about the Willow Grove project. PREIT is a big-time proponent of that trend. Apr 25, 2022. Czech Republic. Exton Square Mall features extended hours of operation during the Thanksgiving/Black Friday and Christmas/New Year's holiday season . An Inquirer reporter since 1993, I report stories with an emphasis on enterprise, corporations, college debt, and features with a money angle. No specifics were provided, in terms of sale price or who the buyer is. 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. The property is currently 50-percent occupied and records sales of $283 a square foot. Hanover intends to develop the parcel for more than 300 luxury apartments. It is expected that the sale will close within the following 90 days. A lot of tenants are not stores but local organizations and healthcare. Copyright 1999 2023 All rights reserved. As the mall business declined at the Exton Square Mall, PREIT sold parcels for a Whole Foods supermarket and an apartment complex. The property is currently 50-percent occupied and records sales of $283 a square foot. Theres no other location THAT close though. 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. But. 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 company reported a net loss of $34.5 million in the fourth quarter of 2021 or 43-cents per share. Cell phone video shows the shoplifting from Macy's at the Exton Square Mall. We have a pretty impressive portfolio, Coradino maintained. Copyright 2023 CBS Interactive Inc. All rights reserved. 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. 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. 59 x 100 5,880. Longhorn Steakhouse. 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. Existing anchors include Boscov's, Macy's, and Round1. One of them is the one-million-square-foot Exton Mall. 150 x 147 22,000. Read more about the sale in the Philadelphia Business Journal. Select Country. 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