PREIT to Sell Exton Square Mall to Developer

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A woman walks through an empty Exton Square Mall

The Pennsylvania Real Estate Investment Trust (PREIT) is planning to sell Exton Square Mall as it tries to raise funds to pay down its debt and avoid being delisted from the NYSE, writes Natalie Kostelni for the Philadelphia Business Journal.

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. One of them is the one-million-square-foot Exton Mall.

The property is currently 50-percent occupied and records sales of $283 a square foot. The Macy’s-anchored mall is also not considered a core property by PREIT.

It is expected that the sale will close within the following 90 days. 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.

“This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract,” he said. “The sale will allow the buyer to fulfill that destiny.”

Read more about the sale in the Philadelphia Business Journal.

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