PREIT said Thursday it’s still looking to sell Exton Square Mall, and now Plymouth Meeting Mall, the next move in its saga to generate cash with a pivotal loan deadline looming. The Business Journal reported Exton Square Mall was under agreement last spring to sell to Brandywine Realty Trust for $28.8 million, but PREIT revealed the deal… Read more »
PREIT’s plan to gain approval for multifamily developments at six of its mall properties has now swelled to as many as 7,000 apartments, CEO Joseph Coradino told the Philadelphia Business Journal. After selling off more than 20 malls in the past two decades, the Philadelphia company’s strategy has shifted to maximizing its remaining properties by… Read more »
PREIT has sold a Whole Foods-leased parcel at Plymouth Meeting Mall for $27 million, part of the Philadelphia real estate investment trust’s ongoing plan to raise capital. The buyer was Agree Realty (NYSE: ADC), a REIT based in Bloomfield Hills, Michigan. Since the beginning of 2022, PREIT has sold assets generating $141 million. Asset sales… Read more »
Pennsylvania Real Estate Investment Trust (PREIT), the owner of Plymouth Meeting Mall and Willow Grove Park Mall, has “substantial doubt” about being able to remain in business over the next year, according to the annual report the company filed with the Securities and Exchange Commission, writes Natalie Kostelni for the Philadelphia Business Journal. PREIT made this… Read more »
