Saying Exton Square ‘Doesn’t Want to Be a Mall,’ PREIT Mulls Options Beyond Traditional Mall Concept

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Image via Ed Hille, Philadelphia Inquirer.

The Pennsylvania Real Estate Investment Trust is considering options for Exton Square Mall to move away from the traditional mall concept, writes Ellie Silverman for the Philadelphia Inquirer.

According to PREIT CEO Joseph Coradino, Exton is “a property that in the longer term probably doesn’t want to be a mall, and we’re trying to sort through our options at this point.” He said that this could include a joint venture.

PREIT, which reported a loss of $137.7 million last year, has already sold a four-acre parcel at Exton Square to Hanover for $8.1 million. This is part of the company’s strategy to add multifamily units to its properties.

“I wouldn’t say by any means the mall is closing, because you wouldn’t have gone through the hassle of putting a pretty solid retailer like Whole Foods in it,” said Patrick Wilson, an assistant portfolio manager for CenterSquare Investment Management’s real estate securities group.

Read more about Exton Square Mall in the Philadelphia Inquirer here.

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