Pennsylvania Real Estate Investment Trust (PREIT) completed the sale of a 4-acre parcel at Exton Square to Hanover Company, generating gross proceeds of $10.3 million. The sale will give rise to over 300-unit luxury apartments on the site of Exton Square Mall, where a new Whole Foods opened earlier this year as a preliminary step in reimagining this property.
This transaction marks a critical step in PREIT’s high-priority densification program, designed to transform its properties into remarkable and innovative environments, with retail at the core.
In May, the Company announced that its portfolio comprised of well-located properties in high barrier-to-entry markets pave the way for the opportunity to revolutionize PREIT’s platform through densification opportunities inclusive of 5,000 – 7,000 residential units in the Philadelphia and Washington DC markets and 1,500-3,000 hotel units across a dozen properties. Toward this end, the Company is in active discussions on three additional multifamily opportunities and three hotel opportunities.
“We are pleased to have completed this transaction as part of our densification program, which serves to improve the value of our assets and our liquidity position to strengthen our balance sheet,” said Joseph F. Coradino, CEO of PREIT. “We will continue to redeploy the capital we raise into our successful anchor replacement program to drive traffic, sales and NOI and create value for shareholders.”
A full set of the proposed plans has been submitted to West Whiteland Township and is currently available for download on their website.
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Source: Marketwatch.com; November 12th, 2018.