Business & Tech
4 Acres At Exton Square Mall To Become Luxury Apartments
Four acres of the Exton Square Mall property, sold for $10.3 million, will turn into more than 300 luxury apartments.
EXTON, PA — Four acres of Exton Square Mall property, adjacent to the mall itself, have been sold to developers who plan to turn it into luxury apartments.
The mall's owner, Preit, recently finalized the $10.3 million sale to Hanover Company.
Preit officials said the sale was a critical benchmark in the company's "high priority densification" program, which aims to turn properties into more innovative retail environments. The recent changes at Plymouth Meeting Mall signify one example.
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The Exton Square Mall itself will not be altered.
"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," Joseph F. Coradino, CEO of Preit, said in a statement.
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A new Whole Foods recently opened at Exton. Preit said Exton marks the first property which they are turning into apartments. An anticipated opening date for the apartments has not been announced.
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