PREIT

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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 (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 PREIT.[3][4] In 2003, the company acquired six 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 as a private company under the ownership of its former lenders and appointed Jared Chupaila as CEO.[14][15]

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
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

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External links

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Template:Pennsylvania Real Estate Investment Trust

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