PREIT considered redeveloping Exton Square Mall before ultimately deciding to sell the property to generate funds for paying down debt, writes Paul Schwedelson for the Philadelphia Business Journal. 

In April, Glenn Rufrano, the new executive chairman of PREIT’s board, said that selling the mall would be “a question of value.” 

PREIT carefully evaluated the estimated cost of redeveloping the Exton property and the potential return on any investment. But while the financial outlook for redevelopment appeared favorable, the company’s debt obligations ultimately made selling the mall the best option. 

The mall has since been put under contract to sell to Abrams Realty & Development. 

PREIT’s new CEO, Jared Chupaila, stated that while the company was excited about redeveloping the property, it had to prioritize its main objective of building liquidity. He added that selling the mall was a “binary” decision. 

“We will approach every decision that way,” said Chupaila. 

PREIT is currently working on various business plans for its other 16 properties and is expecting to finalize the process in the next couple of months. 

Read more about Jared Chupaila and the Exton Square Mall being sold instead of redeveloped in the Philadelphia Business Journal. 

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