The Pennsylvania Real Estate Investment Trust (PREIT), owner of several malls in the Philadelphia suburbs, is emerging from its second bankruptcy in four years after a private company controlled by a small group of investment firms purchased its debt. In recent years, the company identified Exton Square Mall as a potential redevelopment site, and it remains up for sale under PREIT’s new leadership. “It is potentially up for sale now,” said Glenn Rufrano, PREIT’s new executive chairman of its board. “We’re going to continue to evaluate that. Part of that evaluation may be an offer that we get.” The Exton Square Mall was previously under agreement to sell to Brandywine Realty Trust for $27.5 million in spring 2022, but the deal fell through. The company was looking to sell its Exton Square and Plymouth Meeting malls to help pay off nearly $1 billion in debt.
Source: Philadelphia Business Journal; 4/7/2024 & Philadelphia Inquirer; 4/3/2024