Whole Foods Location At Plymouth Meeting Mall Sold For $27 Million

PLYMOUTH MEETING, PA — The owners of the Plymouth Meeting Mall have sold the parcel of the facility containing Whole Foods, they announced Monday morning. Though ownership of the parcel will change hands, the grocery store will remain in place.

The sale is for $27 million to Agee Realty, a Michigan-based company.

Preit, the owner of Plymouth Meeting Mall, has been hit hard by the pandemic. Bankruptcy has been looming for years, though the company is hopeful recent moves will be profitable.

"We remain focused on the execution of our capital strategy and this transaction is another example of how we are able to extract value from our portfolio," Preit Chairman and CEO Joseph Coradino said in a statement.

Preit previously said that across all of their properties, just four percent of their tenants failed to reopen following the coronavirus shutdowns, calling it a "substantial re-occupation." Still, it hasn't been enough to offset a $29.2 million loss for 2020 as a result of the shutdown.

In addition to Plymouth Meeting Mall and Willow Grove Park, Preit also owns the Springfield Mall, Fashion District in Philadelphia, the Moorestown and Cherry Hill malls in nearby South Jersey, and numerous other properties on the East Coast.