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Exton Square Mall

PREIT Sells Exton Land on Which Apartments Will Be Built

The REIT sold four acres of land at Exton Square Mall to Hanover Co. for the construction of a mixed-use community with 300 apartment units.

Pennsylvania Real Estate Investment Trust has closed on the sale of four acres at Exton Square Mall off Route 30 in Exton and reaped $10.3 million in proceeds from the transaction. The sale price wasn’t disclosed. As expected, Hanover Co. bought the property and plans to develop an apartment community with 300 units that will create more of mixed-use community at the retail property.  PREIT (NYSE: PEI) has been looking for more opportunities to add residential units to its malls.

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