Pennsylvania Real Estate Investment Trust
Company type | Private |
---|---|
ISIN | US7091021078 |
Industry | Real estate investment trust |
Founded | 1960; 64 years ago (1960) |
Founder | Sylvan M. Cohen |
Headquarters | Philadelphia, Pennsylvania, U.S. |
Key people | Jared Chupaila, CEO Glenn Rufrano, Executive chairman |
Products | Shopping centers |
Website | preit |
PREIT is a privately held company that owns and develops shopping centers, mostly in the Mid-Atlantic states. The company was formerly known as Pennsylvania Real Estate Investment Trust.
History
The company was founded by Sylvan M. Cohen in 1960. In 1997, the company acquired the Rubin Organization for $260 million.[1] In 2001, founder Sylvan Cohen died.[2] In 2003, the company acquired 6 shopping malls from The Rouse Company.[3][4] The company also acquired Crown American.[5]
In 2012, Joseph Coradino was named chief executive officer of the company.[6]
The company filed for Chapter 11 bankruptcy protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.[7][8][9][10]
On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection.[11] The company exited its bankruptcy proceedings in April 2024 under the ownership of its former lenders and appointed Jared Chupaila as CEO.[12][13]
Portfolio
Notable properties owned by PREIT are as follows:
Mall | Location | Notes |
---|---|---|
Capital City Mall | Camp Hill, Pennsylvania | |
Cherry Hill Mall | Cherry Hill, New Jersey | |
Dartmouth Mall | Dartmouth, Massachusetts | |
Exton Square Mall | Exton, Pennsylvania | |
Francis Scott Key Mall | Frederick, Maryland | |
Jacksonville Mall | Jacksonville, North Carolina | |
Lehigh Valley Mall | Whitehall, Pennsylvania | 50% ownership with Simon Property Group. Simon manages the mall. |
Magnolia Mall | Florence, South Carolina | |
Moorestown Mall | Moorestown, New Jersey | |
Patrick Henry Mall | Newport News, Virginia | |
Plymouth Meeting Mall | Plymouth Meeting, Pennsylvania | |
Springfield Mall | Springfield, Pennsylvania | 50% ownership with Simon Property Group |
Springfield Town Center | Springfield, Virginia | |
The Mall at Prince George's | Hyattsville, Maryland | |
Valley Mall | Hagerstown, Maryland | |
Viewmont Mall | Scranton/Dickson City, Pennsylvania | |
Willow Grove Park Mall | Willow Grove, Pennsylvania | |
Woodland Mall | Grand Rapids, Michigan |
References
- ^ "Rubin Organization is Being Sold for $260 Million". The New York Times. Bloomberg News. August 1, 1997.
- ^ Spires, Sheila W. (October 1, 2001). "PREIT founder and chairman Sylvan Cohen dies at 87". National Real Estate Investor.
- ^ "Pennsylvania Real Estate Investment Trust Completes Rouse Transaction; Company Closes Acquisition of Remaining Two Shopping Malls from The Rouse Company" (Press release). Business Wire. June 5, 2003.
- ^ "REIT is Buying 6 Philadelphia-Area Mall From Rouse". The New York Times. Bloomberg News. March 7, 2003.
- ^ "Pennsylvania Real Estate Investment Trust Announces Completion of Merger with Crown American Realty Trust" (Press release). Business Wire. November 20, 2003.
- ^ "Joseph Coradino Becomes Chief Executive Officer of PREIT" (Press release). Business Wire. June 7, 2012.
- ^ Harris, Jon (December 11, 2020). "PREIT, co-owner of Lehigh Valley Mall, emerges from bankruptcy". The Morning Call.
- ^ Harris, Jon (November 2, 2020). "PREIT, co-owner of Lehigh Valley Mall, files for bankruptcy with plans to quickly restructure". The Morning Call.
- ^ Adelman, Jacob (November 2, 2020). "Viewmont mall owner PREIT files for bankruptcy in restructuring bid amid COVID-19 headwinds". Scranton Times-Tribune. The Philadelphia Inquirer.
- ^ "Mall Landlord PREIT Faces $1.1 Billion in Debt Payments Next Month". CoStar Group. November 14, 2023.
- ^ "Pennsylvania Real Estate Investment Trust". BusinessBankruptcies.com. December 11, 2023. Retrieved December 11, 2023.
- ^ "PREIT exits Chapter 11, new CEO takes over". Chain Store Age. April 2, 2024. Retrieved April 2, 2024.
- ^ Blumgart, Jake; DiStefano, Joseph N. (2024-04-03). "Philly mall owner PREIT emerges from its second bankruptcy with new leadership". www.inquirer.com. Retrieved 2024-04-03.
External links
- Official website
- v
- t
- e
- Francis Scott Key Mall
- The Mall at Prince Georges
- Valley Mall
- Capital City Mall
- Exton Square Mall
- Lehigh Valley Mall (50%, remaining share owned by Simon Property Group, managed by Simon)
- Plymouth Meeting Mall
- Springfield Mall (50%, remaining share owned by Simon)
- Viewmont Mall
- Willow Grove Park Mall