Exton Square Mall Sold For $34 Million, To Be Transformed Into Town Center

CHESTER COUNTY, PA — Exton Square Mall was sold by its owner Preit for $34,250,000 to a developer who aims to revitalize the property into a walkable, "community-centered hub."

The sale will allow Preit, which also owns several other area malls including Willow Grove Park, Plymouth Meeting, and Cherry Hill in New Jersey, to focus on their existing properties.

The new owner, Abrams Realty, says they've long-envisioned transforming Exton Mall into a town center of sorts.

“We have laid the groundwork for a dynamic redevelopment, and with Abrams Realty’s local expertise, this site is now positioned to fulfill its full potential as a modern, multi-use destination," Jared Chupaila, the CEO of Preit, said in the sale announcement.

Abrams says they will "carefully curate" a mix of new residential, retail, dining, office, and entertainment spaces at Exton, a project which they hope will create new jobs in the area while providing a significant tax return to West Whiteland Township.

"This is not just are development, it’s the realization of a true town center, designed to enhance quality of life while delivering economic and social benefits to the community," Peter Abrams, CEO of Abrams Realty, said in a statement. "Our approach will ensure aseamless blend of living, wellness, working, and gathering spaces, making Exton a model for forward-thinking town center transformations."

Much of the aging infrastructure at Exton will be demolished and replaced, while other structures will be rehabilitated and repurposed.

The sale comes in a changing time for malls and the retail shopping experience, as COVID closures signaled what some saw as the death knell for many brick and mortar stores. Preit itself has suffered through two bouts of bankruptcy in the last four years, and while it has emerged intact, the sale of Exton and the vision for a notably different town center experience is indicative of the changing ways residents are experiencing — and often blending — shopping, working, and entertainment.

An exact timeline for the Exton transformation is not yet clear.