REAL ESTATE

Exton Square Mall to add residential units

BY Al Urbanski

A 300-unit luxury apartment building will soon begin rising at PREIT’s Exton Square Mall in Chester County, Pa.

The developer, Hanover Company, completed its $10.3 million purchase of a 4-acre parcel on the grounds of the mall, located about 15 miles west of King of Prussia on the Pennsylvania Turnpike. The deal marks PREIT’s first re-make of one of its malls as a true mixed-use property.

“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 PREIT CEO Joseph F. Coradino in a press release.

PREIT kicked off its densification initiative in May, announcing opportunities for developers to partner with the company on 5,000 to 7,000 residential units and 1,500 to 3,000 hotel rooms at properties in the Philadelphia and Washington, D.C., markets.

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