After targeting a prominent anchor of the Exton Mall for revitalization through a new Whole Foods Market, owner Pennsylvania Real Estate Investment Trust is now trimming around the edges.
PREIT announced last week that it is selling five acres beyond Whole Foods where Kmart once stood, according to a Daily Local News report by Brian McCullough.
The deal at Exton Mall was struck with an unnamed developer of multi-family housing, the article explained.
“It is clear that in this constantly evolving and sometimes challenging retail environment, our portfolio of high-quality properties located in compelling markets is improving in spite of the headwinds,” said PREIT CEO Joseph F. Coradino.
The five acres at Exton Mall were part of a three-property package that PREIT will get $75 million for.
“This is a critical step in the further transformation of PREIT into a top-tier mall company,” Coradino said. “As the retail industry evolves, there are many opportunities to improve the shopping environment, and raising capital through the sale of non-core properties provides the perfect vehicle for creating value for our shareholders.”
Read more about the deal in the Daily Local News here.