Exton is a suburb of Philadelphia with a population of 5,382. LOFT. 2,955. 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. 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. This field is for validation purposes and should be left unchanged. Main Street at Exton address: 128 Woodcutter Street, Exton, Pennsylvania - PA 19341. 51 x 100 6,726. Trending Eagles in Super Bowl Watch NBC10 24/7 Phillies Sixers. Apr 25, 2022. Donna Rovins is the regional business editor, covering local businesses and business issues across Montgomery, Chester and Berks counties. Businesses Goal is a worldwide online news portal. To learn more about PREITs restructuring plan you can read the article from The Philadelphia Inquirer by clicking here. Coradino said that PREITs malls have recovered from the depths of the pandemic. (2 minutes) Macy's Inc. this week outlined several specific stores it is closing by the end of its current fiscal year. If you continue to use this site we will assume that you are happy with it. Existing anchors include Boscov's, Macy's, and Round1. The Exton Square Mall. November 2, 2020 / 6:12 PM By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. The company has until Aug. 4 to resolve the issue. Re: Shopping in Zeil - closing time on Saturdays . How do you find the rational number between 3 and 4? He spoke with The Inquirer in the food court, which had only two open restaurants. In 2021 the company executed transactions for nearly three times as much space as 2019 nearly 500,000 square feet. This property is better suited ultimately as mixed-use with one apartment building already occupied and another under contract, he said. Theres no other location THAT close though. He considered it a well-maintained mall that does not look drab like a lot of malls that he films. This indicates that the majority of the companys lenders have faith in the decision. What stores are at the Main Street in Exton Pa? We use cookies to ensure that we give you the best experience on our website. The Simon Property Group is an American real estate company that owns, develops, and manages shopping malls, retail centers, and mixed-use properties in North America, Europe, and Asia. The large MyZeil mall and e.g. Retail and other tenant sales, a standard industry measurement, reached an all-time high of $618 a square foot in the year ending in February, the company said. The closures, first reported by CNBC on Tuesday, are part of a previously announced plan by Macy's to shut 125 locations by 2023, which the retailer outlined last February. The four store closures will be in Rego Park; NY, Valley Stream, NY; Lenexa, KS; and Houma, LA. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. 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. Two anchor stores are closed, one is a bowling alley, and vacancy rates are high. 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. Attributes Retail & Restaurant , Commercial , Pennsylvania. This portal has started its operations with the commitment of fearless, investigative, informative and neutral journalism. The company filed for bankruptcy protection in 2020. Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. Can you put a single curtain panel on a window? What is the pre employment test for Canada Post? Exton, PA 19341. Dedicated free parking spots for patients with special needs and a drop off lane provide convenient access for our patients. Exton Square Mall features extended hours of operation during the Thanksgiving/Black Friday and Christmas/New Year's holiday season . Powered and implemented by FactSet. The Macys-anchored mall is also not considered a core property by PREIT. 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. Plymouth residents are concerned over increased sewer capacity and traffic. Exton has an overall crime rate of 10 per 1,000 residents, making the crime rate here near the average for all cities and towns of all sizes in America. Of the closures, 64 Kmarts will be shuttered, as well as 39 Sears stores. Towns with PREIT malls face proposals for thousands of apartments as the company pivots into real estate. Still, PREIT executives point to recent positive signals: Through February, foot traffic jumped 14% over 2021 in its core malls. Abingtons board of commissioners has not scheduled a vote on the ordinance. ----------------------------------------------------------- opening late and/or closing early on these days. Though PREIT had needed 100% of their lenders to approve of their initial plan, it was only one lender who holds 5% of PREITs debt who held out on making it unanimous. The mall houses about 100 shops and . An Inquirer reporter since 1993, I report stories with an emphasis on enterprise, corporations, college debt, and features with a money angle. Not sure whats going to come of this mall once everyone is gone. (610) 280-6573. 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. This 450,000 square foot expansion and renovation program included an extremely complex "overbuild" covering more than 50% of the center, as well as a renovation of the entire complex. When PREIT asked the township to permit its apartment complex, township manager Richard Manfredi said the township couldnt just approve zoning for one project. Copyright 1999 2023 All rights reserved. . Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. The closures include the . Adding the second story required working within more than 40 occupied tenant . 59 x 100 5,880. Pennsylvania Real Estate Investment Trust (PREIT), who owns Montcos Plymouth Meeting Mall and the Willow Grove Park Mall, has agreed to sell Exton Square Mall to Brandywine Realty Trust, who has many offices in Montgomery County, for $27.5 million, writes Natalie Kostelni for the Philadelphia Business Journal. Exton, PA 19341. Wall Street has punished the stock, which has traded below $1 a share this year and could be delisted. Exton Sq Mall & County Library. Mall. Plymouth Meeting, PA. J-2. It's a complicated two floor structure with four anchors, of which the former Sears and top floor of the former JCPenney's is vacant. Mall tenants, which operators rely on for rent, have been stressed this year. Copyright 2023 American Community Journals, LLC |. This is a mall that has fallen on hard times the last few years. Sale expected to close within 90 days. 2. Those standards require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. It looked like they were selling off pieces of the property to make money and stay afloat, Rajesh Kumbhardare, the chairman of the townships board of supervisors, said. What's New Activities Locations Membership Food Menu Careers. The Macy's-anchored mall is also not considered a core property by PREIT. Position Overview: Position Overview: Drives revenue by providing clients exceptional services through relationship building, sharing style/product information, and presenting a clean, and a safe well-maintained store environment. 15 x 95 1,470. Australia. Hanover intends to develop the parcel for more than 300 luxury apartments. The Gallery at East Market/Owners. What are the principles architectural types of Islam? Springfield, VA. Plymouth Meeting Mall. 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. Some smaller shops may close earlier, sometime between 6 and 9. Our new Privacy Policy will go into effect on January 1st, 2023. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. No specifics were provided, in terms of sale price or who the buyer is. Longhorn Steakhouse. 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. This sale will allow the builder to fulfill that destiny.. Have hand sanitizer available in-store and/or know where the nearest mall sanitizer is located. Indonesia . Location Exton, PA. Closed. I want them to do well because more customers come into the market and cross shop.. Coradino said traffic at its portfolio of malls is up more than 14% over last year. E-4. 126 Exton Square Mall. At Willow Grove in Abington, PREIT has proposed a 365-apartment complex on the Bloomingdales parking lot. In turn, the company. There are plans for redevelopment within the next 5 years. Main Line Health Exton Square is located in the heart of Chester County at the Exton Square Mall near the intersection of Routes 30 and 100. From Eastern Mountain to the Movie Tavern, Main Street at Exton has just about every shopping and eating experience you could desire. Among PREITs major malls, Exton Square has the lowest tenant occupancy rate, about 50%, according to its regulatory filings. 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. The company reported a net loss of $34.5 million in the fourth quarter of 2021 or 43-cents per share. The company expects to close on the sale within 90 days. Press question mark to learn the rest of the keyboard shortcuts. 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. F. Old Navy. 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 side of the mall where Boscov's. Salad Works. One of them is the one-million-square-foot Exton Mall. Late last year, he visited Exton Square Mall. W-1. We like what we own right now. PHILADELPHIA The owner of Exton Square Mall in West Whiteland has entered into an agreement to sell the property. The court approved restructuring plan allows PREIT to borrow an additional $130 million in loans. 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. Who owns the fashion district in Philadelphia? In Chester County, PREITs Exton Square Mall opened in the 1970s and was renovated in 2000. 94 x 95 8,940. Tucson (Park Place Mall) 10am - 2am (Every Day) . Day of the Week. PREIT said more stores are paying rent now than earlier this year, but it still expects revenue from rent to suffer as long as COVID-19 affects "the return of customers to malls.". Its ironic that the mall is dead because it felt really inviting, Ernewein said. The mall totals a little over one million square feet and is currently 50 percent leased. Springfield Town Center. Copyright 2023 American Community Journals, LLC |. PREIT has not given a time frame for the second phase. Headquartered in Philadelphia, PREIT owns and manages retail shopping malls in 12 states in the eastern U.S. with a concentration in the Mid-Atlantic and Greater Philadelphia region. The sale will allow the buyer to fulfill that destiny.. The Pennsylvania Real Estate Investment Trust has said it's selling the mall with a 50% tenant vacancy for $27.5 million. 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