Exton Square Mall’s New Owner Revealed

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PREIT Logo at the entrance to the Exton Square Mall
The Pennsylvania Real Estate Investment Trust (PREIT) is set to sell Exton Square Mall to Brandywine Realty Trust for $27.5 million, according to SEC documents.

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.

PREIT previously disclosed that the property had been put under agreement with a developer, but at the time, the buyer was not revealed. It was later disclosed that the prospective buyer is Brandywine in proxy documents PREIT filed with the Securities and Exchange Commission on April 22.

In the proxy documents, PREIT discussed and concluded that Charles P. Pizzi, one of PREIT’s board members who also serves on Brandywine’s board, qualified as being independent.

According to previous SEC filings, PREIT reached a deal to sell the property that sits at the intersection of Route 100 and Route 30 in March. The mall totals a little more than one million square feet and is currently 50 percent leased.

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. Most of these are currently clustered in Eagleview.

Read more about the sale in the Philadelphia Business Journal.

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