245 Exton Square Mall. That could happen. Best Dining in Exton, Pennsylvania: See 4,705 Tripadvisor traveler reviews of 114 Exton restaurants and search by cuisine, price, location, and more. Once Macys decides to shut down, I think the mall is officially done. Privacy Policy. Mall tenants, which operators rely on for rent, have been stressed this year. On The Border. Reddit and its partners use cookies and similar technologies to provide you with a better experience. PREIT will sell the Exton Square Mall to Brandywine for $27.5 million. As a local, while Exton Mall is in pretty rough shape it's nowhere near as bad as Neshaminy. 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. Tucson (Park Place Mall) 10am - 2am (Every Day) . The township officials also noticed a decline in retail tenants. However, several questions that have been submitted prior were addressed. 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. They have since opened 3 other locations in the area. 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. Brandywine Realty Trust The four store closures will be in Rego Park; NY, Valley Stream, NY; Lenexa, KS; and Houma, LA. 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. 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. V-1. Towns with PREIT malls face proposals for thousands of apartments as the company pivots into real estate. Exton (Exton Square Mall) 10am-2am (Every Day) Philadelphia (Fashion District) 10am - 12am (Every Day) Erie (Millcreek Mall) 10am - 2am (Every Day) We like what we own right now. This branch of Boscov's is one of the 48 stores in the United States. But by the end of 2023, there are expected to be 870 stores left. Businesses Goal is a worldwide online news portal. 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. As a result, PREITs core mall tenancy stands at 93%. 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. 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.. For more information, please see our 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. We have a pretty impressive portfolio, Coradino maintained. The side of the mall where Boscov's. Chile. (610) 280-6573. While the sale of the mall . 1,940. LOFT part-time associate, weekend shifts! 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. Estimated $19.7K - $24.9K a year. In Chester County, PREITs Exton Square Mall opened in the 1970s and was renovated in 2000. 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. 150 x 147 22,000. Copyright 2023 American Community Journals, LLC |. The company has until Aug. 4 to resolve the issue. The Exton Square Mall. Coradino said that PREITs malls have recovered from the depths of the pandemic. Nobody wants to open a store in a dark mall, he said. MacerichPennsylva Real Estate Investment Parking Lot Horrors is hosting its Haunted Drive-in at the Exton Square Mall from Friday, Oct. 8 through Saturday, Oct. 30. Mall. The Macy's-anchored mall is also not considered a core property by PREIT. We use cookies to ensure that we give you the best experience on our website. LOFT. In 2021 the company executed transactions for nearly three times as much space as 2019 nearly 500,000 square feet. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. The closures include the . 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. Share your opinion with users and insert mall rating and reviews for Main Street at Exton. The firm disclosed last month that it is selling the mall for $27.5 million. 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. Cell phone video shows the shoplifting from Macy's at the Exton Square Mall. 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. 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. The land sales connected to them are expected within a year. Cycle Bar. See Store Hours. 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. . PREIT spokesperson Heather Crowell said Monday that the company had no more details to share regarding Exton Square . Our new Privacy Policy will go into effect on January 1st, 2023. Indonesia . PREIT has not given a time frame for the second phase. The property is currently 50-percent occupied and records sales of $283 a square foot. Legal Statement. Exton, PA 19341. 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. Explore options near me. 2020 CBS Interactive Inc. All Rights Reserved. The original list Read. The company reported a net loss of $34.5 million in the fourth quarter of 2021 or 43-cents per share. Closed - Opens at 10:00 AM. - - Exton Sq. GAP (Now Closed) Clothing Store in Exton. Splash Bros. Tia's Famous Soul Food. Discover Exton Square. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. The company has until Aug. 4 to resolve the issue. E-4. It is expected that the sale will close within the following 90 days. 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. Opens at 9am. Copyright 1999 2023 All rights reserved. Read more about the sale in the Philadelphia Business Journal. 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 Exton there are a lot of restaurants, coffee shops, and parks. Some are going bankrupt and closing stores, such as J.C. Penney and California Pizza Kitchen . There were no questions taken from analysts during the call. The shopping mall is conveniently located in the heart of the city center. 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. 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. Hanover intends to develop the parcel for more than 300 luxury apartments. Closed. Staggering snowfall in California mountains leaves residents trapped for days, Garland testifies before Senate panel amid ongoing special counsel probes, Colon cancer rates rising in younger age group, study finds, Firefighter dies battling blaze in downtown Buffalo, mayor says, Explosive found in checked luggage at Pennsylvania airport, feds say, 20,000 people may have been exposed to measles at Asbury University revival, Prosecution wraps its case at Alex Murdaugh murder trial, Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother, Ex-Georgia star Jalen Carter was racing in deadly crash, arrest warrants allege, Some states allow businesses to reopen as retail sales plummet, FBI chief says agency feels pandemic likely started with Chinese lab leak. 14 jobs. Boscov's is located in Exton Square. The sale will allow the buyer to fulfill that destiny.. Every restaurant within the mall's food court is closed and NBC10's Tim Furlong went to Chester County to ask why. https://discord.gg/g4tKbpu, Press J to jump to the feed. Cookie Notice PHILADELPHIA The owner of Exton Square Mall in West Whiteland has entered into an agreement to sell the property. First published on November 2, 2020 / 6:12 PM. Jan. 6, 2022 4:43 pm ET. Opens at 10:00 AM. 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. 51 x 100 6,726. The Gallery at East Market/Owners. Popular restaurant types near me. Mall to join our team located at our Store 0808-Exton Square Mall-ANN-Exton, PA 19341. PREIT redeveloped the exterior of the Plymouth Meeting Mall but the shopping area inside the malls isnt doing well, Manero added. Press question mark to learn the rest of the keyboard shortcuts. What is the pre employment test for Canada Post? 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. Day of the Week. 45 x 90 4,050. 12.8 km. In turn, the company. and our Sale expected to close within 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. Select Country. This sale will allow the builder to fulfill that destiny.. Apr 25, 2022. 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 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. V & A Bridal Salon. 94 x 95 8,940. Considering PREIT has close to $1 billion in debt, having that kind of support will no doubt be important as they move forward. DEAD MALL - EXTON SQUARE MALL - EXTON PAwww.patreon.com/acesadventures The Macys-anchored mall is also not considered a core property by PREIT. Exton Tourism Exton Hotels Exton Bed and Breakfast Exton Vacation Rentals Exton Vacation Packages . When PREIT came back to West Whiteland Township with a second plan for apartments, the township tapped the brakes. Coradino said he feels good about the Willow Grove project. Frame for the second phase was non-compliant with the stock exchanges continued listing standards sell the Exton Square.... The call the 1970s and was renovated in 2000 283 a Square foot to shut down, I think mall! With the stock exchanges continued listing standards in retail tenants the pre employment test for Post! As much space as 2019 nearly 500,000 Square feet 48 stores in the fourth of... 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