Exton Square 260 Exton Square Exton, PA 19341 (610) 363-7034. 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. But PREIT has not given up. 2022-03-20 - By Donna Rovins drovins@pottsmerc.com. (610) 363-2110. We use cookies to ensure that we give you the best experience on our website. Get Directions THIS WEEK'S ADS. Open Menu Close Menu. In Exton there are a lot of restaurants, coffee shops, and parks. Exton Tourism Exton Hotels Exton Bed and Breakfast Exton Vacation Rentals Exton Vacation Packages . How do you find the rational number between 3 and 4? Springfield Town Center. The mall bankruptcies come weeks before a crucial holiday shopping season. 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. Copyright 1999 2023 All rights reserved. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Legal Statement. The Gallery at East Market/Owners. Boscov's is located in Exton Square. We all want the mall here, she said. 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. 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. Barn-1 World of Beer. 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. On The Border. One of them is the one-million-square-foot Exton Mall. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. Plymouth Meeting, PA. 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. Trending Eagles in Super Bowl Watch NBC10 24/7 Phillies Sixers. Great Clips. What are the principles architectural types of Islam? I heard the Round 1 at Exton Square is one of their least profitable locations, which doesn't really come as a shock. If you're willing to stay in retail and like the mall environment, KoP is doing as good as ever at least? PREIT developed a plan for 2,000 new apartments, plus retailers, two hotels, and public space. The property is currently 50-percent occupied and records sales of $283 a square foot. 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 Sq. Im surprised zumiez still does as well as they do in most malls tbh. In turn, the company. When PREIT came back to West Whiteland Township with a second plan for apartments, the township tapped the brakes. He and other township officials met with PREIT in Philadelphia. What is the pre employment test for Canada Post? See our current mall hours and store list. I was shocked at what I saw as opposed to what I thought Id see, he said in a phone interview. Mall at Prince Georges. . Kumbhardare walked the mall recently and only half the mall was lit. Theres no other location THAT close though. Buddys Burgers. This indicates that the majority of the companys lenders have faith in the decision. Popular restaurant types near me. 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. EXTON, PA Sears Holdings will be closing more than 100 stores in the new year, the company announced Thursday. Still, PREIT executives point to recent positive signals: Through February, foot traffic jumped 14% over 2021 in its core malls. GAP (Now Closed) Clothing Store in Exton. 146 Exton Square Mall, Exton, PA 19341, USA. 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. Rating: 3.6/5 (26 rates) Make a Review. Longhorn Steakhouse. Before we send you to , pleasesubscribe to our daily newsletter. Select Country. This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract, he said. 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. The land sales connected to them are expected within a year. Market data provided by ICE Data Services. One of them is the one-million-square-foot Exton Mall. 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. 59 x 100 5,880. Exton Square Mall features extended hours of operation during the Thanksgiving/Black Friday and Christmas/New Year's holiday season . Shops & Services. Popular cuisines near me. In 2021 the company executed transactions for nearly three times as much space as 2019 nearly 500,000 square feet. 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. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. The plan was given the green light at an accelerated schedule, giving PREIT a chance to begin their rebound during the holiday shopping season. He spoke with The Inquirer in the food court, which had only two open restaurants. "I figured it would be strip mall sushi, . Position Overview: Position Overview: Drives revenue by providing clients exceptional services through relationship building, sharing style/product information, and presenting a clean, and a safe well-maintained store environment. This news story is . 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. 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.. 94 x 95 8,940. 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. ----------------------------------------------------------- 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 property is currently 50-percent occupied and records sales of $283 a square foot. Read more about the sale in the Philadelphia Business Journal. There were no questions taken from analysts during the call. As of June 15, at least 103 Banana Republic stores have been shut down since the beginning of 2020, according to data from Gap. PREIT has not given a time frame for the second phase. Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. As a result, PREITs core mall tenancy stands at 93%. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Listen to article. The company expects to close on the sale within 90 days. . Parking Lot Horrors is hosting its Haunted Drive-in at the Exton Square Mall from Friday, Oct. 8 through Saturday, Oct. 30. I want them to do well because more customers come into the market and cross shop.. Some are going bankrupt and closing stores, such as J.C. Penney and California Pizza Kitchen . 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. 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 closures include the . The company has until Aug. 4 to resolve the issue. J-2a. 1,940. Like other malls looking to attract shoppers, PREIT has added restaurants, movie theaters and gyms to its properties in recent years. (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. The. Maggie Moos. This sale will allow the builder to fulfill that destiny.. This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract, he said. We are hopeful that the municipality will understand that the strongest path forward is a multiuse community hub, a company spokesperson said. That is especially important for the longevity of some of PREITs stronger properties, such as Cherry Hill Mall, and the Plymouth Meeting Mall. Prepared to Thrive. One of them is the one-million-square-foot Exton Mall. This field is for validation purposes and should be left unchanged. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. Businesses Goal is a worldwide online news portal. 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. As the mall business declined at the Exton Square Mall, PREIT sold parcels for a Whole Foods supermarket and an apartment complex. There are plans for redevelopment within the next 5 years. Sad, my mall lost these stores a while ago except zumiez which is still open. 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. Copyright 2023 American Community Journals, LLC |. The company expects to close on the sale within 90 days. 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. 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