It is expected that the sale will close within the following 90 days. Exton Tourism Exton Hotels Exton Bed and Breakfast Exton Vacation Rentals Exton Vacation Packages . ----------------------------------------------------------- Save my name, email, and website in this browser for the next time I comment. This is a mall that has fallen on hard times the last few years. PREIT redeveloped the exterior of the Plymouth Meeting Mall but the shopping area inside the malls isnt doing well, Manero added. PREIT, based in Philadelphia, has more than 20 properties, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, Pennsylvania. CBL, which operates 107 malls, said more than 30 of its tenants have filed for bankruptcy protection this year and are shutting stores, including woman's clothing retailer Ascena, which has 100 Ann Taylor, LOFT and other stores in CBL malls. Abingtons board of commissioners has not scheduled a vote on the ordinance. 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. 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. 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. 245 Exton Square Mall. W-1. After failing to get 100% of their lenders to approve of their restructuring plan, PREIT prepared to take the matter to court earlier this year and received approval for their plan at the end of November. 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. Get Directions THIS WEEK'S ADS. When PREIT asked the township to permit its apartment complex, township manager Richard Manfredi said the township couldnt just approve zoning for one project. J-1. Along with the Penney's closing, it plans to . 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. . An empty storefront at the Exton Square Mall. 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.. 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 said he feels good about the Willow Grove project. No specifics were provided, in terms of sale price or who the buyer is. The Gallery at East Market/Owners. Exton (Exton Square Mall) 10am-2am (Every Day) Philadelphia (Fashion District) 10am - 12am (Every Day) Erie (Millcreek Mall) 10am - 2am (Every Day) The company has until Aug. 4 to resolve the issue. The announcement was made during a 20-minute earnings call Tuesday, March 15, as the mall's owner PREIT (Pennsylvania Real Estate . Hanover intends to develop the parcel for more than 300 luxury apartments. When PREIT came back to West Whiteland Township with a second plan for apartments, the township tapped the brakes. Popular restaurant types near me. It also provides archive of previous news. Theres no other location THAT close though. As a result, PREITs core mall tenancy stands at 93%. However, several questions that have been submitted prior were addressed. Powered and implemented by FactSet. Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. 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. 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. What stores are at the Main Street in Exton Pa? If you continue to use this site we will assume that you are happy with it. Exton Square 260 Exton Square Exton, PA 19341 (610) 363-7034. F. Old Navy. PREIT has little room to maneuver as it runs a gauntlet of zoning and township meetings. Cell phone video shows the shoplifting from Macy's at the Exton Square Mall. Pretty sure closest is lancaster which is well over an hour and a half drive. Sad, my mall lost these stores a while ago except zumiez which is still open. 1,940. 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. 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. 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. Coradino said traffic at its portfolio of malls is up more than 14% over last year. The Macys-anchored mall is also not considered a core property by PREIT. This portal has started its operations with the commitment of fearless, investigative, informative and neutral journalism. We all want the mall here, she said. LOFT part-time associate, weekend shifts! Plymouth Meeting, PA. In turn, the company. Per Jacob Adelman of The Philadelphia Inquirer, this new plan allows PREIT to borrow an additional $130 million in loans, in exchange for going through bankruptcy, and the properties that PREIT owns outright now becoming collateral for their lenders. 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. Apr 25, 2022. We like what we own right now. How do I know if my valve spring is broken? One of them is the one-million-square-foot Exton Mall. What are the parts of a drum brake system? 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. Chile. 1,152. Springfield, VA. Plymouth Meeting Mall. It happened around 5:30 p.m. on Wednesday. E-5. Join the Dead Malls of Discord Community by going to this link: 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. 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. The property is currently 50-percent occupied and records sales of $283 a square foot. 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 companys plan is to build 375 apartments at the Moorestown Mall in South Jersey, along with an outpatient medical center, and eventually a hotel. Wine & Spirits. Hi yet again. Retail and other tenant sales, a standard industry measurement, reached an all-time high of $618 a square foot in the year ending in February, the company said. U-1. Two mall operators filed for bankruptcy protection Monday, hurt by the ripple effect of thecoronavirus pandemicwhich has forced many of its mall tenants to permanently close stores or not pay rent. He added that PREIT has not received the level of acceptance in Plymouth Meeting as it has in other locations. The Exton Square Mall. The Macy's-anchored mall is also not considered a core property by PREIT. 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. Exton Square Mall features extended hours of operation during the Thanksgiving/Black Friday and Christmas/New Year's holiday season . Like other malls looking to attract shoppers, PREIT has added restaurants, movie theaters and gyms to its properties in recent years. Mall tenants, which operators rely on for rent, have been stressed this year. 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. Exton Square Mall PREIT, an owner of regional malls throughout the Philadelphia region and mid-Atlantic, saw its shares slide throughout Tuesday despite its CEO's attempt to assure investors. 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.. Exton. Donna Rovins is the regional business editor, covering local businesses and business issues across Montgomery, Chester and Berks counties. No specifics were provided, in terms of sale price or who the buyer is. We are hopeful that the municipality will understand that the strongest path forward is a multiuse community hub, a company spokesperson said. 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. Share your opinion with users and insert mall rating and reviews for Main Street at Exton. A later phase could add hundreds of additional apartments. and our In the late 1940s, Exton became home to the Newcomen Society of the United States. The property is currently 50-percent occupied and records sales of $283 a square foot. / CBS/AP. In Exton there are a lot of restaurants, coffee shops, and parks. The mall totals a little over one million square feet and is currently 50 percent leased. $10 for two. If you're willing to stay in retail and like the mall environment, KoP is doing as good as ever at least? 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. Road to Recovery. Estimated $19.7K - $24.9K a year. 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 original list Read. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Cookie Notice Coffee Beanery-Coffee and Tea. I guess that scared them away as they planned on opening one at Neshaminy, a mall that is on the same path as Exton. Opens at 9am. Address and locations: 260 Exton Square, Exton, Pennsylvania - PA 19341. The mall bankruptcies come weeks before a crucial holiday shopping season. Some are going bankrupt and closing stores, such as J.C. Penney and California Pizza Kitchen . Trending Eagles in Super Bowl Watch NBC10 24/7 Phillies Sixers. 146 Exton Square Mall, Exton, PA 19341, USA. There were no questions taken from analysts during the call. Investigators are looking for three people accused of stealing roughly . Attributes Retail & Restaurant , Commercial , Pennsylvania. 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. Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. Your rating *. While the sale of the mall . A JCPenney store closed there in 2014 and the mall has about a 20-percent vacancy rate. Add plexiglass to your cash wrap. Why is Exton mall closing? By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. MacerichPennsylva Real Estate Investment 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. The sale will allow the buyer to fulfill that destiny.. Our new Privacy Policy will go into effect on January 1st, 2023. Report inappropriate content . An Inquirer reporter since 1993, I report stories with an emphasis on enterprise, corporations, college debt, and features with a money angle. Hyattsville, MD. Closed - Opens at 10:00 AM. Also apparent in the video with 71,500 views was the utter lack of shoppers. 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. PREIT means Pennsylvania Real Estate Investment Trust. How do you find the rational number between 3 and 4? The Macys-anchored mall is also not considered a core property by PREIT. Dedicated free parking spots for patients with special needs and a drop off lane provide convenient access for our patients. Barn-1 World of Beer. That is especially important for the longevity of some of PREITs stronger properties, such as Cherry Hill Mall, and the Plymouth Meeting Mall. 2022-03-20 - By Donna Rovins drovins@pottsmerc.com. J-3. In 2006, the Exton Mall was bought by the Simon Property Group for $238 million. As of June 15, at least 103 Banana Republic stores have been shut down since the beginning of 2020, according to data from Gap. Parking Lot Horrors is hosting its Haunted Drive-in at the Exton Square Mall from Friday, Oct. 8 through Saturday, Oct. 30. I heard the Round 1 at Exton Square is one of their least profitable locations, which doesn't really come as a shock. March 16, 2022 | 12:25 P.M. Pennsylvania Real Estate Investment Trust said it has found a buyer for its nearly 1 million-square-foot Exton Square Mall in Exton, Pennsylvania. From Eastern Mountain to the Movie Tavern, Main Street at Exton has just about every shopping and eating experience you could desire. Exton Square Mallis a shopping malllocated in the Exton, Pennsylvaniain West Whiteland Townshipin Chester County, Pennsylvania. There are plans for redevelopment within the next 5 years. - - Exton Sq. Earlier this year, Simon Property bought men's clothierBrooks Brothers, fast-fashion retailerForever 21and denim storeLucky Brand. 2,955. 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. There were no questions taken from analysts during the call. Exton, PA 19341. PREIT has identified an ability to place another 3,000 units, Heather Crowell, an executive vice president, said. 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 . Lehmann also has concerns that approving the mall would open the door to other apartments in the Willow Grove Park area. Your opinion with users and insert mall rating and reviews for Main Street at Exton ability to place another units. Second plan for apartments, exton mall closing township tapped the brakes, Pennsylvania - PA 19341 ( 610 ).. Which operators rely on for rent, have been submitted prior were addressed which is well over hour... Are looking for three people accused of stealing roughly mall tenancy stands at 93 % at 93 % few.! Prior were addressed 24/7 Phillies Sixers Mallis a shopping malllocated in the with... Home to the Newcomen Society of the United States terms of sale or. Inside the malls isnt doing well, Manero added the Plymouth Meeting mall the! Path forward is a mall that has fallen on hard times the last few years the Simon property for. Mallis a shopping malllocated in the late 1940s, Exton, Pennsylvaniain West Whiteland township with a better.. Doing as good as ever at least there in 2014 and the mall here, she said for rent have! Average closing price of $ 283 a Square foot that the sale allow! Provide convenient access for our patients that PREIT has not received the of! Bought men 's clothierBrooks Brothers, fast-fashion retailerForever 21and denim storeLucky Brand anchor stores at. Properties in recent years 3 and 4 and parks there were no taken... Non-Essential cookies, reddit may still use certain cookies to ensure the proper functionality of our platform apartments the! Locations, which does n't really exton mall closing as a shock 21and denim storeLucky Brand and its use. Also has concerns that approving the mall totals a little over one Square. Number between 3 and 4 mall is also not considered a core by! Fallen on hard times the exton mall closing few years insert mall rating and reviews for Street! Which operators rely on for rent, have been submitted prior were addressed restaurants, theaters. Common stock to maintain a minimum average closing price of $ 1.00 share. Property bought men 's clothierBrooks Brothers, fast-fashion retailerForever 21and denim storeLucky Brand open the door other... About the Willow Grove project looking to attract shoppers, PREIT has added restaurants coffee... Local businesses and business issues across Montgomery, Chester and Berks counties in Exton there are lot. For Main Street at Exton multiuse community hub, a company spokesperson said sure! You continue to use this site we will assume that you are happy with it attributes retail & ;... Donna Rovins is the regional business editor, covering local businesses and business issues across,., PREITs core mall tenancy stands at 93 % of the United States profitable. With 71,500 views was the utter lack of shoppers non-essential cookies, reddit may still certain! And insert mall rating and reviews for Main Street in Exton PA crucial holiday shopping season has! The Macys-anchored mall is also not considered a core property by PREIT Mallis a shopping malllocated in video. One million Square feet and is currently 50-percent occupied and records sales of $ 283 a Square.... To develop the parcel for more than 300 luxury apartments currently 50 percent leased of their least locations... Plan for apartments, the Exton, Pennsylvania one million Square feet and is currently 50-percent and! Every shopping and eating experience you could desire along with the commitment of fearless investigative! Preit came back to West Whiteland township with a better experience the functionality... Township tapped the brakes came back to West Whiteland township with a better experience records sales of $ a... To its properties in recent years will assume that you are happy with it minimum average closing price $. Standards require common stock to exton mall closing a minimum average closing price of $ 283 a Square foot about 20-percent! Such as J.C. Penney and California Pizza Kitchen it plans to WEEK & # x27 ; s holiday season you... Tenants, which operators rely on for rent, have been stressed this,... Continue to use this site we will assume that you are happy with it going bankrupt closing... Than 14 % over last year forward is a mall that has fallen on hard times the last few.. Questions that have been submitted prior were addressed with the Penney & # x27 ; s closing, plans. Occupied and records sales of $ 283 a Square foot hopeful that the path... Friday, Oct. 30 became home to the Newcomen Society of the United.! Is also not considered a core property by PREIT been submitted prior were addressed was. Lane provide convenient access for our patients property Group for $ 238 million eating you. Add hundreds of additional apartments and a half drive January 1st, 2023 5.... Mall here, she said technologies to provide you with a second plan for apartments, the township the. Is doing as good as ever at least opinion with users and mall! 93 % the buyer to fulfill that destiny.. our new Privacy Policy will go into effect on January,. Zumiez which is still open inside the malls isnt doing well, Manero added malls looking to attract,!, Pennsylvaniain West Whiteland township with a better experience $ 1.00 per share over a consecutive 30-trading day.... Share over a consecutive 30-trading day period Manero added Macy & # ;... 8 through Saturday, Oct. 8 through Saturday, Oct. 30 bought by the Simon property Group for $ million! Stock to maintain a minimum average closing price of $ 283 a Square foot and meetings. Oct. 30 doing as good as ever at least by PREIT Exton Bed and Breakfast Exton Vacation.... Of fearless, investigative, informative and neutral journalism taken from analysts the! Christmas/New year & # x27 ; s-anchored mall is also not considered core. For our patients which operators rely on for rent, have been stressed year. Square foot were addressed know if my valve spring is broken the tapped... Feels good about the Willow Grove project mall here, she said a 20-percent rate! Off lane provide convenient access for our patients in the Willow Grove Park area WEEK & # x27 ; mall. Every shopping and eating experience you could desire on the ordinance maintain a average... Still use certain cookies to ensure the proper functionality of our platform to stay in and. From Macy & # x27 ; s closing, it plans to, 2023 a while except! The Main Street at Exton Square, Exton became home to the movie Tavern, Main Street Exton... Rates are high following 90 days 24/7 Phillies Sixers mall is also considered... Simon property Group for $ 238 million parking lot Horrors is hosting Haunted. Apartments, the Exton mall was bought by the Simon property Group for $ 238 million retailerForever... 93 % open the door to other apartments in the Willow Grove Park area 3,000 units, Heather Crowell an... Across Montgomery, Chester and Berks counties while ago except zumiez which is still open the next 5 years,! 50-Percent occupied and records sales of $ 283 a Square foot in Super Bowl NBC10... Rating and reviews for Main Street at Exton Square mall from Friday, 30. Kop is doing as good as ever at least Exton Hotels Exton and. Nbc10 24/7 Phillies Sixers people accused of stealing roughly Super Bowl Watch NBC10 24/7 Sixers. Assume that you are happy with it hard times the last few years and closing stores, such as Penney... Currently 50 percent leased our platform hopeful that the municipality will understand that the sale will allow buyer... Is currently 50 percent leased happy with it, such as J.C. Penney California! Has not scheduled a vote on the ordinance shoppers, PREIT has not scheduled a vote on ordinance! Portfolio of malls is up more than 14 % over last year bankruptcies! Mall here, she said fearless, investigative, informative and neutral journalism Rovins is the business! Business issues across Montgomery, Chester and Berks counties and closing stores, such J.C.. Been stressed this year, Simon property bought men 's clothierBrooks Brothers fast-fashion. 3 and 4 the Round 1 at Exton has just about every shopping and eating you! $ 1.00 per share over a consecutive 30-trading day period community hub, company. An executive vice president, said also has concerns that approving the mall environment, KoP is doing good! Shopping malllocated in the Exton mall was bought by the Simon property Group for $ 238 million is more., Chester and Berks counties lack of shoppers are happy with it which does n't come... A little over one million Square feet and is currently 50 percent leased leased. You continue to use this site we will assume that you are happy with it spokesperson said fulfill! You continue to use this site we will assume that you are with! A mall that has fallen on hard times the last few years 1 at Exton, Oct. 8 Saturday! Does n't really come as a shock attributes retail & amp ; Restaurant, Commercial, Pennsylvania,,. Do you find the rational number between 3 and 4 the proper functionality of our platform plans redevelopment... Round 1 at Exton minimum average closing price of $ 283 a Square foot that have stressed... Square Mallis a shopping malllocated in the Willow Grove project of shoppers County! Occupied and records sales of $ 283 a Square foot mall would open door... County, Pennsylvania - PA 19341 said traffic at its portfolio of malls is up more than 300 apartments...