Investment Firm Recommends Sale of Moorestown Mall

Despite recent expansion at the Moorestown Mall, investment firm Land and Buildings is recommending that the Pennsylvania Real Estate Investment Trust (PREIT) sell it, the Burlington County Times reports.

It recommended the sale of 17 properties, including the Voorhees Town Center. The only property in the state it doesn’t recommend selling is the Cherry Hill Mall, according to the report.

PREIT said it will consider the recommendation, but said it believes the report that led to those conclusions is flawed, according to the report.

The Moorestown Mall has benefited from a 2011 referendum in which Moorestown residents voted to overturn the ban on alcohol sales. Five liquor licenses became available to the township.

On Sept. 8, Council approved the sale of the final liquor license, which paves the way for a new restaurant to open at the mall, next to Regal Cinemas.

The new restaurant follows the arrival of Osteria, Firebirds Wood Fired Grill, Distrito and Harvest Seasonal Grill and Wine Bar at the Moorestown Mall.

The mall has also added a row of upscale boutiques that signals a continuing transformation at the mall.

In spite of this, Land and Buildings says PREIT is still seen as a “low quality mall company” by many.

For more, visit burlingtoncountytimes.com.