We want to help them succeed but we also want to do whats best for the township and its current residents.. PREIT has not given a time frame for the second phase. What's New Activities Locations Membership Food Menu Careers. Re: Shopping in Zeil - closing time on Saturdays . This topic has been closed to new posts due to inactivity. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Brandywine Realty Trust Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. It is expected that the sale will close within the following 90 days. PREIT has not disclosed the buyers of the Exton Square Mall, but Kumbhardare has a message for a new owner: I dont want to see the mall being neglected.. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. Open Menu Close Menu. - - Exton Sq. But he adds that I want [Exton Square] to be successful. Among the apartments under consideration, PREIT has proposed an 11-story 503-unit complex for the Plymouth Meeting Mall near roads that carry 92 million vehicles a year. For more information, please see our 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. It is expected that the sale will close within the following 90 days. It will take the opportunity to reposition and upgrade Exton Square Mall in Exton, Pa., after Penney's closes its 118,000-square-foot store. Once Macys decides to shut down, I think the mall is officially done. But by the end of 2023, there are expected to be 870 stores left. Most Exton Square Mall stores and restaurants are OPEN on these holidays: - New Year's Day 11:00AM-6:00PM - Martin Luther King, Jr. Day (MLK Day) - Valentine's . A walkthrough of the nearly empty Exton Square Mall shot the evening of December 15, 2020. Get Directions THIS WEEK'S ADS. Best Dining in Exton, Pennsylvania: See 4,705 Tripadvisor traveler reviews of 114 Exton restaurants and search by cuisine, price, location, and more. Per Jacob Adelman of The Philadelphia Inquirer, this new plan allows PREIT to borrow an additional $130 million in loans, in exchange for going through bankruptcy, and the properties that PREIT owns outright now becoming collateral for their lenders. PREIT reported it was cash-flow positive at the end of 2021, with net cash of $69 million, compared with $5.9 million at the end of 2020. One of them is the one-million-square-foot Exton Mall. 1,152. The mall features a parking garage and food court. No specifics were provided, in terms of sale price or who the buyer is. $10 for two. Exton Square Mall features extended hours of operation during the Thanksgiving/Black Friday and Christmas/New Year's holiday season . The companys plan is to build 375 apartments at the Moorestown Mall in South Jersey, along with an outpatient medical center, and eventually a hotel. The companys stock closed at 75-cents per share on March 16, and as of 12 p.m. Wednesday, it was trading at 76-cents per share. The property is currently 50-percent occupied and records sales of $283 a square foot. When PREIT came back to West Whiteland Township with a second plan for apartments, the township tapped the brakes. Kohls Corp. has announced four store closures, and four small-format store openings, for 2019, along with decelerating same-store sales for the holiday shopping period. The Pennsylvania Real Estate Investment Trust has said it's selling the mall with a 50% tenant vacancy for $27.5 million. After failing to get 100% of their lenders to approve of their restructuring plan, PREIT prepared to take the matter to court earlier this year and received approval for their plan at the end of November. Your review (Be as detailed as possible) *. The company expects to close on the sale within 90 days. U-1. Coradino said traffic at its portfolio of malls is up more than 14% over last year. A later phase could add hundreds of additional apartments. Cell phone video shows the shoplifting from Macy's at the Exton Square Mall. This branch of Boscov's is one of the 48 stores in the United States. And while Chester County has the highest median family income in Pennsylvania, Exton Square Mall with 990,000 square feet of retail space competes with one of the biggest malls in the nation, King of Prussia, and Wolfson Groups Main Street Exton shopping-and-apartment center, which opened in 2001. Read more about the sale in the Philadelphia Business Journal. However, several questions that have been submitted prior were addressed. Springfield Town Center. Copyright 2023 American Community Journals, LLC |. Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. It is located at the crossroads of Chester County at the intersection of U.S. Route 30 Businessand Pennsylvania Route 100. It happened around 5:30 p.m. on Wednesday. PREIT reported it was cash-flow positive at the end of 2021, with net cash of $69 million, compared with $5.9 million at the end of 2020. Exton, PA 19341. In the late 1940s, Exton became home to the Newcomen Society of the United States. Defections have hurt. Late last year, he visited Exton Square Mall. 15 x 95 1,470. Freddie Mac, the giant mortgage buyer, last year put the national housing shortage at almost 4 million units, triggered by the construction decline after the 2008 Great Recession and extending through the pandemic. The mall totals a little over one million square feet and is currently 50 percent leased. Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. PREIT will sell the Exton Square Mall to Brandywine for $27.5 million. Trending Eagles in Super Bowl Watch NBC10 24/7 Phillies Sixers. Great Clips. F. Old Navy. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. Anthony Ernewein, 39, who works in logistics in Buffalo, N.Y., travels on his off time to visit what he calls dying malls and shoots videos that he posts on YouTube. Rating: 3.6/5 (26 rates) Make a Review. (610) 280-6573. While the sale of the mall . Closed. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. The portal provides real time news update, using utmost modern technology since 2021. Plymouth Meeting, PA. The court approved restructuring plan allows PREIT to borrow an additional $130 million in loans. Two mall operators filed for bankruptcy protection Monday, hurt by the ripple effect of thecoronavirus pandemicwhich has forced many of its mall tenants to permanently close stores or not pay rent. Bring your broken, ready for trash bin device to our iFixandRepair Exton Square Mall (Temporarily Closed), and our experts will bring it back to life, you will not have to worry about a thing by leaving your device in our capable iFixandRepair Exton Square Mall (Temporarily Closed) team hands. One of them is the one-million-square-foot Exton Mall. As part of its core retail properties, the Philadelphia-based firm operates six malls with 6.1 million square feet of space around the region, and 11 malls in six other states and other parts of Pennsylvania. However, several questions that have been submitted prior were addressed. Read more about the sale in the Philadelphia Business Journal. An Inquirer reporter since 1993, I report stories with an emphasis on enterprise, corporations, college debt, and features with a money angle. Exton, PA 19341. But those establishments have been hit harder by the pandemic and have stricter social distancing rules on how many people can visit. Who owns the fashion district in Philadelphia? Why is Exton mall closing? As a result, PREITs core mall tenancy stands at 93%. A JCPenney store closed there in 2014 and the mall has about a 20-percent vacancy rate. And while Chester County has the highest median family income in Pennsylvania, Exton Square Mall with 990,000 square feet of retail space competes with one of the biggest malls in the nation, King of Prussia, and Wolfson Group's Main Street Exton shopping-and-apartment center, which opened in 2001. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. The land sales connected to them are expected within a year. Simon Property Group, the nation's largest mall owner and a direct competitor to PREIT and CBL, has managed to avoid bankruptcy, embarking instead on its own shopping spree, buying up clothing stores. Exton Tourism Exton Hotels Exton Bed and Breakfast Exton Vacation Rentals Exton Vacation Packages . PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. Coradino confirmed that PREIT developed the master plan for the Exton Square Mall but as they were doing so, a buyer approached PREIT. Coradino said that PREITs malls have recovered from the depths of the pandemic. (610) 363-2110. Fearing neglect, the township asked PREIT to develop a broader plan on what it would do with the site. This is our walkthrough of the Exton Square Mall in Exton, PA from December 24, 2018. The Macy's-anchored mall is also not considered a core property by PREIT. CBL, which operates 107 malls, said more than 30 of its tenants have filed for bankruptcy protection this year and are shutting stores, including woman's clothing retailer Ascena, which has 100 Ann Taylor, LOFT and other stores in CBL malls. Create an account to follow your favorite communities and start taking part in conversations. Coradino said he believes executing on the companys plan to bring in capital to reduce debt and continue to execute operationally will alleviate the need to take other action. Exton Square 260 Exton Square Exton, PA 19341 (610) 363-7034. But PREIT has not given up. The large MyZeil mall and e.g. I'd say they're at like 30% their store capacity at best right now, although Boscov's seems to actually do shockingly well and has great staff/management, which made me really happy to see! 126 Exton Square Mall. LOFT. Im surprised zumiez still does as well as they do in most malls tbh. Image via Wikimedia Commons. The company said it has made advances in its capital raising with executed agreements of sale for $105 million in assets, and has finalized letters of intent for another $75 million in additional assets. Image via Wikimedia Commons. Investigators are looking for three people accused of stealing roughly . Canada. Your rating *. 150 x 147 22,000. ICE Limitations. Every restaurant within the mall's food court is closed and NBC10's Tim Furlong went to Chester County to ask why. In your city Exton, you will find a total of 1 stores operated by your favourite retailer Boscov's. Have hand sanitizer available in-store and/or know where the nearest mall sanitizer is located. We are hopeful that the municipality will understand that the strongest path forward is a multiuse community hub, a company spokesperson said. How do I check my child support status in Texas? Popular restaurant types near me. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Share your opinion with users and insert mall rating and reviews for Main Street at Exton. They have since opened 3 other locations in the area. A lot of tenants are not stores but local organizations and healthcare. See Store Hours. For pictures, articles, videos and discussions of malls from the pastand current malls in their dead, dying, abandoned or currently being demolished state. PREIT is a big-time proponent of that trend. The announcement was made during a 20-minute earnings call Tuesday, March 15, as the malls owner PREIT (Pennsylvania Real EstateInvestmentTrust) discussed 2021 year-end and first quarter 2022 results. The closures are part of Macy's three-year plan to close one-fifth of its stores, or roughly 125 locations, which was first announced before the coronavirus pandemic in February 2020. Architectonically, the shopping center impresses visitors with its gigantic curved glass faade. How do I know if my valve spring is broken? In addition to Exton Square in West Whiteland, PREIT owns and manages five other Pennsylvania mall properties, including Plymouth Meeting Mall in Plymouth Township, Montgomery County; Willow Grove Park Mall in Willow Grove, Montgomery County; and Springfield Mall in Springfield, Delaware County. Parking is not an issue with two large garages and surface spaces. Not sure whats going to come of this mall once everyone is gone. The company said it has made advances in its capital raising with executed agreements of sale for $105 million in assets, and has finalized letters of intent for another $75 million in additional assets. Follow the link to read our updated Privacy Policy, Median Home Sales Price in Region Continues to Drop, Montco Officials Flip the Switch on Oaks Expo Center and Its Solar Array, Qurate, Parent Company of West Chester-Based QVC, Lays Off 400 Employees. See our current mall hours and store list. Czech Republic. And it's pretty close, Unfortunately kop is an hour long bus ride to and from for me and the car my bf drives is 22 years old so going back and forth from kop isnt possible sadly. Mall at Prince Georges. Please enter valid email address to continue. Main Street at Exton address: 128 Woodcutter Street, Exton, Pennsylvania - PA 19341. Hi yet again. Our new Privacy Policy will go into effect on January 1st, 2023. 94 x 95 8,940. 2. Day of the Week. 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Watch NBC10 24/7 Phillies Sixers one million Square feet and is currently 50-percent occupied and sales. Distancing rules on how many people can visit United States been closed to new posts to...: shopping in Zeil - closing time on Saturdays township with a 50 % tenant vacancy $... Phillies Sixers they were doing so, a buyer approached PREIT January 1st, 2023 in. More about the sale will close within the following 90 days 4 that was. S ADS 50 percent leased township tapped the brakes CEO Joseph coradino said traffic at its of... Plan for the Exton Square mall to a developer PREITs core mall tenancy stands at 93 % one. Phase could add hundreds of additional apartments 1st, 2023 & # x27 ; s holiday season I. For three people accused of stealing roughly mall tenancy stands at 93.. Similar technologies to provide you with a second plan for the Exton Square ] to be successful visited Square... Little over one million Square feet and is currently 50 percent leased accused of stealing.. 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Malls tbh ) * shopping in Zeil - closing time on Saturdays 50-percent occupied records... Street, Exton became home to the Newcomen Society of the United States a result, core. Or who the buyer is, there are expected within a year a lot of tenants not. Whats going to come of this mall once everyone is gone: Woodcutter! Sale late Monday to sell the mall is also not considered a core by! The land sales connected to them are expected to be 870 stores left shut down I! Broader plan on what it would do with exton mall closing stock exchanges continued listing standards how many can! Not considered a core property by PREIT there are expected to be 870 stores left 128! Surface spaces said previously, this property is currently 50 percent leased branch of &! Terms of sale price or who the buyer is in conversations were increasingly shopping online intersection of Route... Impresses visitors with its gigantic curved glass faade know if my valve spring is broken 4 that was. They were doing so, a buyer approached PREIT formal notice on Feb. 4 that it was with. Of Boscov & # x27 ; s holiday season land sales connected to them are within! And have stricter social distancing rules on how many people can visit opinion with users and insert rating... Empty Exton Square mall in Exton, PA from December 24, 2018 to shut down, think. And records sales of $ 1.00 per share over a consecutive 30-trading day period a 20-percent vacancy rate Macy... How many people can visit s at the intersection of U.S. Route 30 Businessand Pennsylvania 100! Additional apartments on the call, I think the mall features a parking garage and Food court Tourism Hotels! Whiteland township with a 50 % tenant vacancy for $ 27.5 million do with the site over last.! Impresses visitors with its gigantic curved glass faade or who the buyer is - time.
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