 | |
| 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. [1] In 1997, the company acquired the Rubin Organization for $260 million. [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]
Notable properties owned by PREIT are as follows:
Mervyn's was an American middle-scale department store chain based in Hayward, California, and founded by Mervin G. Morris (1920–2021). It carried national brands of clothing, footwear, bedding, bath products, furniture, jewelry, beauty products, electronics, toys, and housewares. Many of the company's stores were opened in shopping malls; however, some locations were operated independently. Based on 2005 revenue, Mervyn's was the 83rd largest retailer in the United States.
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.
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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.
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Woodland Mall is an enclosed super-regional shopping mall located in Kentwood, Michigan, a suburb of Grand Rapids. The mall features JCPenney, Macy's, and Von Maur, in addition to a Phoenix Theatres.
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.
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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.
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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.
Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, four golf courses, and 38 bowling alleys around the United States and Canada.
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.