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 recently emerged from bankruptcy protection had previously identified the mall as a “non-core mall,” meaning that it was not investing and was instead positioning it for redevelopment. 

The property is currently 62 percent occupied. The 72-acre site is zoned for mixed use so it would be possible to add residential units. 

“It is potentially up for sale now,” said Glenn Rufrano, PREIT’s new executive chairman of PREIT’s board. “We’re going to continue to evaluate that. Part of that evaluation may be an offer that we get. But right now, the existing management team thought that was the best approach and we’ll evaluate that as we take a look at the whole portfolio.” 

The Chester County mall was under agreement to sell for $27.5 million to Brandywine Realty Trust in spring 2022, but the deal failed to materialize. Last May, PREIT said it was still looking for a buyer for the 989,659-square-foot mall as well as for the Plymouth Meeting Mall. 

Read more about Exton Mall remaining up for sale as PREIT exists bankruptcy in the Philadelphia Business Journal. 

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