Suburban Philadelphia residential conversion projects slated for current and former PREIT properties are making headlines this week, as developers have unveiled big plans for the Exton Square Mall and the Plymouth Meeting Mall.
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The Philadelphia-based mall operator once known as Pennsylvania Real Estate Investment Trust finalized its sale of the Exton Square Mall to Abrams Realty & Development for more than $34M this week, The Philadelphia Inquirer reported.
Abrams plans to tear down much of the existing mall before building 376 rental units and 243 for-sale townhomes in a new town square format with a smaller retail footprint.
“This is not just a redevelopment — it’s the realization of a true town center, designed to enhance quality of life while delivering economic and social benefits to the community,” Abrams CEO Peter Abrams said in a press release.
“Our approach will ensure a seamless blend of living, wellness, working, and gathering spaces, making Exton a model for forward-thinking town center transformations.”
The closing comes after PREIT emerged from its second set of bankruptcy proceedings last spring and became a privately held company.
“The sale of Exton Square Mall reflects PREIT’s commitment to disciplined balance sheet management and liquidity generation and demonstrates our ability to unlock value in our portfolio while enabling properties to evolve in ways that best serve their communities,” PREIT CEO Jared Chupaila said in a statement.
The company has held on to several suburban Philly shopping centers, including the Plymouth Meeting Mall and the Moorestown Mall, where there are also plans to build new apartments.
Keystone Development + Investment also announced this week that it had secured $42M in financing to convert a 175K SF office building at the Plymouth Meeting Mall into a 149-unit apartment building dubbed the Monarq, according to a press release. The project is expected to wrap up early next year.
“Monarq is a game-changer for this market,” Keystone President Rich Gottlieb said in a statement. “With this financing, we’re one step closer to delivering a design-forward community that prioritizes well-being, social engagement, and convenience.”
PREIT is also working to sell part of the mall’s parking lot. The company has received permission from the township to build 275 apartments on the site.
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