Privacy Policy. GAP (Now Closed) Clothing Store in Exton. Opens at 9am. PREIT spokesperson Heather Crowell said Monday that the company had no more details to share regarding Exton Square . Chile. In 2020, we announced a strategic review of our Banana Republic company-operated e-commerce operations in Europe. Exton Square 260 Exton Square Exton, PA 19341 (610) 363-7034. See our current mall hours and store list. Kaufhof department store are open till 9pm Saturdays. One of them is the one-million-square-foot Exton Mall. Cookie Notice Select Country. Phone number: (610) 277-8899. Longhorn Steakhouse. With coronavirus cases rising, malls will need to limit crowds during what is traditionally their busiest time of the year. The Gallery at East Market/Owners. Can you put a single curtain panel on a window? As of June 15, at least 103 Banana Republic stores have been shut down since the beginning of 2020, according to data from Gap. But by the end of 2023, there are expected to be 870 stores left. Listen to article. But he adds that I want [Exton Square] to be successful. Lehmann also has concerns that approving the mall would open the door to other apartments in the Willow Grove Park area. This portal has started its operations with the commitment of fearless, investigative, informative and neutral journalism. 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. Exton Square Mall, Chester County. 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. In 2021 the company executed transactions for nearly three times as much space as 2019 nearly 500,000 square feet. 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. Both companies, CBL and Pennsylvania Real Estate Investment Trust, said their malls will remain open as they go through the bankruptcy process. 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 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. Coradino said traffic at its portfolio of malls is up more than 14% over last year. Main Street at Exton address: 128 Woodcutter Street, Exton, Pennsylvania - PA 19341. 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. The company has until Aug. 4 to resolve the issue. Estimated $19.7K - $24.9K a year. opening late and/or closing early on these days. 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 guess that scared them away as they planned on opening one at Neshaminy, a mall that is on the same path as Exton. Share Close. 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. 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. PHILADELPHIA The owner of Exton Square Mall in West Whiteland has entered into an agreement to sell the property. One of them is the one-million-square-foot Exton Mall. There were no questions taken from analysts during the call. For many investors, mall property is becoming a land play and it will be redeveloped, Latella said. A lot of tenants are not stores but local organizations and healthcare. Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. The mall features a parking garage and food court. Book a Party Arizona. Exton, PA 19341. 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. Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. J-3. How do I know if my valve spring is broken? Exton Tourism Exton Hotels Exton Bed and Breakfast Exton Vacation Rentals Exton Vacation Packages . 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. Barn-1 World of Beer. We have a pretty impressive portfolio, Coradino maintained. Powered and implemented by FactSet. MacerichPennsylva Real Estate Investment 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'm really sorry to hear, hope you're able to find new work soon. 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. 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. Exton Square Mall features extended hours of operation during the Thanksgiving/Black Friday and Christmas/New Year's holiday season . 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. PREIT, based in Philadelphia, has more than 20 properties, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, Pennsylvania. 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. See Store Hours. Housing prices and rents are soaring due in part to unmet needs. Please enter valid email address to continue. 2. Kumbhardare walked the mall recently and only half the mall was lit. Legal Statement. Before we send you to , pleasesubscribe to our daily newsletter. But. 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. Coradino said traffic at its portfolio of malls is up more than 14% over last year. 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. 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. This field is for validation purposes and should be left unchanged. It is expected that the sale will close within the following 90 days. The pandemic forced many malls and their retail tenants to temporarily close for months. And while it emerged the same year, it still has debts of $2.3 billion, a good part of it mortgages on mall properties. 146 Exton Square Mall, Exton, PA 19341, USA. Richard Latella, an executive managing director at Cushman Wakefield whose team appraises 250 U.S. malls a year, said those centers have repurposed themselves. PHILADELPHIA The owner of Exton Square Mall in West Whiteland has entered into an agreement to sell the property. Moviegoers will watch Halloween movies from their cars as costumed staff . PREIT also has plans for apartments at the Springfield Town Center in Virginia and the Mall at Prince Georges in Maryland. 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. 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. The company filed for bankruptcy protection in 2020. It is expected that the sale will close within the following 90 days. Cycle Bar. 59 x 100 5,880. 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. Along with the Penney's closing, it plans to . Save my name, email, and website in this browser for the next time I comment. This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract, he said. (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. So much of this has been occurring during the pandemic. 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. J-2. One of them is the one-million-square-foot Exton Mall. Read more about the sale in the Philadelphia Business Journal. Exton Square Mall is a beautiful but dead mall. 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! Boscov's is located in Exton Square. To learn more about PREITs restructuring plan you can read the article from The Philadelphia Inquirer by clicking here. If you continue to use this site we will assume that you are happy with it. Exton Square Mallis a shopping malllocated in the Exton, Pennsylvaniain West Whiteland Townshipin Chester County, Pennsylvania. 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