More Land Near Moorestown Mall Sold, Owner Says

MOORESTOWN, NJ — The owner of the Moorestown Mall recently announced it had sold some land at the shopping site.

The sale totaled roughly $12 million and in the future, will be the home of 375 residential units, Pennsylvania Real Estate Investment Trust (PREIT) said.

"We are keenly focused on continuing to raise capital to improve our balance sheet as we simultaneously drive operational enhancements, improving the overall quality of our offering," said Joseph F. Coradino, Chairman and CEO of PREIT. "The closing of the Moorestown land sale evidences the power of the portfolio and the real estate we have aggregated."

In May 2021, Cooper University Health Care and PREIT announced that they had finalized a deal to bring a Cooper Hospital outpatient location to the mall space formerly occupied by Sears.

This story contains reporting by Anthony Bellano.

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