PREIT
PREIT is a privately held real estate investment trust that owns and develops shopping centers, primarily in the Mid-Atlantic region.
Founded in 1960, it focuses on transforming traditional malls into mixed-use, community-centric hubs. PREIT emerged from its second bankruptcy in 2024 and is now privately owned.
Address: 2005 Market Street, Suite 1120, Philadelphia, PA 19103
Phone: (215) 875-0700
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Underperforming Springfield Mall Value Plummets 73 Percent to $30M in Delaware County
Springfield Mall is worth a fraction of what it once was. The Delaware County shopping center has been appraised at just $30 million, a staggering…
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Springfield Mall Through the Years: A Delaware County Memory Machine
For most of us who grew up in Delaware County, the Springfield Mall isn’t really a building. It’s a feeling. It’s the smell of the food court on a Saturday. The…
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Springfield Mall Owner PREIT Looks to Diversify With 7,000 Apartments
Springfield Mall owner PREIT wants to convert the use of many of its mall properties so developers can build up to 7,000 apartments, writes Paul…
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New Garden’s $300 Million Mixed-Use Project Could Ease Chester County Housing Crunch
Baltimore-based Stonewall Capital recently acquired a 187-acre property in New Garden Township with plans for a $300 million mixed-use development, writes Ryan Mulligan for the Philadelphia Business Journal. Local…
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Four Developing Projects Coming to Chester County in 2026
Chester County is the place for building, with permits and projects sprouting up every day to take up the next available space. Whether it’s housing,…
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Springfield Mall in Distress? Owners Miss Loan Repayment
PREIT and Simon Properties Group, owners of the Springfield Mall, did not pay off their loan for the mall ahead of its maturity date last…
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Formerly Farmland, New Mixed-Use Community Planned for New Garden Township
Stonewall Capital, a Baltimore-area developer, is planning a massive mixed-use project on former farmland in New Garden Township, writes Melody Simmons for the Philadelphia Business Journal. …
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Black Friday Still the Busiest for Local Malls, but the Allure Has Faded
Black Friday mall traffic was one of those guaranteed days when local malls could count on being busy. But last Black Friday, foot traffic at…
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$100M Redevelopment Aims to Turn Plymouth Meeting Mall Into Montco’s Next Town Center
A major transformation is on the horizon for the Plymouth Meeting Mall, writes Paul Schwedelson for The Philadelphia Business Journal. Philadelphia-based LA Partners, formerly known…
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Redevelopment of Exton Mall Among Mixed-Use Projects Reshaping Philadelphia Suburbs
The redevelopment of the Exton Square Mall by Abrams Realty & Development is among the growing number of projects reshaping Philadelphia’s suburbs, writes Paul Schwedelson…
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Redevelopment of Exton Mall Among Mixed-Use Projects Reshaping Philadelphia Suburbs
The redevelopment of the Exton Square Mall by Abrams Realty & Development is among the growing number of projects reshaping Philadelphia’s suburbs, writes Paul Schwedelson…
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Abrams Realty Buys Exton Square Mall, Plans to Build New Homes and Limited Commercial Space
Exton Square Mall officially has a new owner as of Tuesday, with PREIT selling the beleaguered property to Abrams Realty & Development, writes Jake Blumgart…
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Boscov’s Set to Outlive Exton Square Mall as New Owner Plans Mixed-Use Town Center to Replace It
With many department store giants, including Macy’s and JCPenney, closing stores during the years-long retail apocalypse, Boscov’s has stayed afloat and expanded, writes Noah Zucker…
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PREIT’s New CEO Considered Redeveloping Exton Square Mall Before Deciding to Sell
PREIT considered redeveloping Exton Square Mall before ultimately deciding to sell the property to generate funds for paying down debt, writes Paul Schwedelson for the…
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Local Developer Moves to Acquire Exton Square Mall
Elkins Park-based Abrams Realty & Development is in the process of acquiring the Exton Square Mall with plans to revitalize the struggling property, writes Paul…
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PREIT’s New Leadership Keeps Exton Square Mall On List of Properties for Sale
The Exton Square Mall has remained up for sale under PREIT’s new leadership, writes Paul Schwedelson for the Philadelphia Business Journal. The Philadelphia company which…
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Springfield Mall Owner’s Chairman Glenn Rufrano ‘Bullish on Malls’
Fans of the Springfield Mall may be a bit nervous with all the news surrounding mall owner PREIT’s two bankruptcy filings, but the new executive…
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Springfield Mall Owner PREIT Comes Out of 2nd Bankruptcy
PREIT, the owner of the Springfield Mall and other malls in the region, emerged from bankruptcy protection Monday for the second time since 2020. The…
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