 | |
| Company type | Private |
|---|---|
| ISIN | US7091021078  |
| Industry | Real estate investment trust |
| Founded | 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.
The company was founded by Sylvan M. Cohen (1914-2001) in 1960 following the passage of the Real Estate Investment Trust Act, which allowed real estate trusts to access money from public investment. [1] [2] In 1997, the company acquired The Rubin Organization for $260 million, and founder and chief executive officer Ronald Rubin became CEO of PRIET. [3] [4] In 2003, the company acquired 6 shopping malls from The Rouse Company. [5] [6] The company also acquired Crown American. [7]
In 2012, Joseph Coradino was named chief executive officer of the company. [8]
The company filed for Chapter 11 bankruptcy protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020. [9] [10] [11] [12]
On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection. [13] The company exited its bankruptcy proceedings in April 2024 under the ownership of its former lenders and appointed Jared Chupaila as CEO. [14] [15]
Notable properties owned by PREIT are as follows:
GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa, in 1954, and was headquartered in Chicago, Illinois, from 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.
Strawbridge's, formerly Strawbridge & Clothier, was a department store in the northeastern United States, with stores in Pennsylvania, New Jersey, and Delaware. The Center City Philadelphia flagship store was, in its day, a gracious urban emporium. The retailer started adding branch stores starting in the 1930s and, by their zenith in the 1980s, enjoyed annual sales of over a billion dollars By the 1990s, Strawbridge's became part of the May Department Stores conglomerate until May's acquisition by Federated Department Stores on August 30, 2005.
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties as of 2021.
New rue21, LLC (rue21) is an American specialty retailer of women's & men's casual apparel and accessories headquartered in the Pittsburgh suburb of Warrendale, Pennsylvania. Their clothes are designed to appeal to people who desire, wish, or feel to be 21. In 2013, Apax Partners, a global private-equity firm, acquired the company by funds advised for $42.00 per share in cash. rue21 filed for Chapter 11 bankruptcy protection on May 16, 2017, and emerged on September 22, 2017, after the company's reorganization plan was confirmed by the U.S. Bankruptcy Court for the Western District of Pennsylvania. New owners include hedge funds BlueMountain Capital Management, Southpaw Asset Management and Pentwater Capital Management. In May 2024, rue21 declared bankruptcy again, and their website became unsupportive. As of June 28th, 2024, 7 stores have resigned leases, as part of a stalking horse buyout from YM Inc. Fashion House, a Canadian retailer, while the public assets were up for auction. The company has plans to reopen up to 120 stores within the coming months.
Exton Square Mall is a shopping mall located in the Exton, Pennsylvania in West Whiteland Township in Chester County, Pennsylvania. The mall features a parking garage and food court. It is located at the crossroads of Chester County at the intersection of U.S. Route 30 Business and Pennsylvania Route 100. The mall is anchored by Macy's and Boscov's retail stores and a Round One Entertainment, an arcade and bowling center.
CBL Properties is an American real estate investment trust that invests in shopping centers and owns shopping malls, primarily in the Southeastern and Midwestern United States. The company is organized in Delaware with its headquarters in Chattanooga, Tennessee.
Wyoming Valley Mall is a shopping mall located in Wilkes-Barre Township, Pennsylvania. It is anchored by JCPenney and Macy's.
Crown American is a privately held American company that manages and develops commercial real estate. The corporate headquarters is in downtown Johnstown, Pennsylvania, in a building designed by architect Michael Graves.
Palmer Park Mall is an indoor one-story shopping mall of 457,734 square feet (42,524.9 m2) located in the Lehigh Valley region of eastern Pennsylvania. The mall is located at the intersection of PA Route 248 and Park Avenue in Palmer Township, Pennsylvania.
Christiana Mall is a shopping mall located in Christiana, Delaware between the cities of Newark and Wilmington. The one-level, enclosed super-regional mall is situated at the intersection of Interstate 95 and Delaware Route 1/Delaware Route 7 near the center of the Northeast megalopolis.
Willow Grove Park Mall is a three-story shopping mall located in the community of Willow Grove in Abington Township, Pennsylvania at the intersection of Easton Road and Moreland Road in the Philadelphia suburbs. The Willow Grove Park Mall contains over 120 stores - with Bloomingdale's, Primark, Macy's, Nordstrom Rack, and Tilted 10 as anchor stores - along with several restaurants including The Cheesecake Factory, TGI Fridays, and Yard House. It is owned by PREIT and is the third most profitable mall in the Delaware Valley. The mall features a carousel, scenic elevator, and formerly featured a fountain. In October, the fountain was illuminated pink for Breast Cancer Awareness Month.
Chambersburg Mall is an abandoned enclosed shopping mall located near Chambersburg, Pennsylvania in the unincorporated community of Scotland. Located at exit 20 off Interstate 81, the mall had a capacity of at least 64. It is currently owned and managed by Namdar Realty Group. The mall's anchor stores and last remaining store, inaccessible from the mall interior, was Black Rose Antiques & Collectibles. There are 3 other vacant anchor stores that were once JCPenney, Burlington, and The Bon-Ton.
The South Mall is an enclosed shopping mall located on Lehigh Street south of Interstate 78 exit 57 near Allentown's southern border with Salisbury Township and Emmaus in the Lehigh Valley region of eastern Pennsylvania.
Whitehall Mall is a shopping mall located in Whitehall Township, Pennsylvania. It is anchored by Kohl's. Whitehall Mall was one of the Lehigh Valley's first malls and is located across from the Lehigh Valley Mall.
Westgate Mall is a shopping mall located in Bethlehem, Pennsylvania. It is anchored by Harbor Freight Tools, Lehigh Valley Health Network, Oak Street Health, Sky Zone Trampoline Park, and Weis Markets.
Starwood Capital Group is an investment firm headquartered in Miami Beach, Florida. It is managed by Barry Sternlicht. It was co-founded by Sternlicht and Robert Faith in 1991. In 1993, Faith left Starwood to found Greystar Real Estate Partners.
Matthew Bucksbaum was an American businessman and philanthropist. Matthew and his brothers Martin and Maurice co-founded General Growth Properties.
Washington Prime Group Inc. is an American real estate investment trust that invests in shopping centers. The company is organized in Indiana with its headquarters in Columbus, Ohio. From January 2015 to September 2016, the company had the name WP Glimcher. On June 13, 2021, Washington Prime filed for Chapter 11 bankruptcy.
Zamias Services, Inc. is a commercial real estate leasing and management company based in Johnstown, Pennsylvania. The company was created by shopping mall developer George D. Zamias and traces its history back to 1957.
Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. They primarily purchase dying or dead shopping malls with partner Mason Asset Management. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls.