Abrams Realty of Elkins Park has purchased Exton Square Mall for $34M, plans to demolish and redevelop

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March 20th, 2025 | By Ryan Genova

Pennsylvania Real Estate Investment Trust (PREIT), which owns the Willow Grove Park Mall among other Philadelphia-based properties, sold the Exton Square Mall on Tuesday, March 18 to Elkins Park-based Abrams Realty & Development for $34.25 million, the firm announced today.

Abrams plans to demolish most of the 52-year-old, 75-acre mall and redevelop the property with more than 600 apartments and townhomes along with shops, restaurants, fitness, entertainment, office space and health care, The Philadelphia Journal reported. The firm plans to preserve the 178,000 sf Boscov’s department store.

The purchase contract was first announced in November 2024.

“The sale of Exton Square Mall reflects PREIT’s commitment to disciplined balance sheet management and liquidity generation and demonstrates our ability to unlock value in our portfolio while enabling properties to evolve in ways that best serve their communities,” said Jared Chupaila, CEO of PREIT. “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.”

Exton Square Rendering
Rendering courtesy of The Philadelphia Business Journal

The Exton Square Mall is 63% occupied. The Willow Grove Park Mall’s tenant occupancy rate is north of 96%.

The project is called Town Centre at Exton. According to The Journal, the redevelopment plan calls for:

  • 376 apartments
  • 243 townhomes
  • 146,673 square feet of commercial space including shops and restaurants
  • 95,232 square feet of fitness and entertainment
  • 48,095 square feet of office space
  • 47,392 square feet for a new Main Line Health facility
  • 6,440 square feet for a daycare
Exton Site Plan
Redevelopment plan

“The sale of Exton Square Mall represents a pivotal step in PREIT’s strategy to optimize its holdings while ensuring communities benefit from the evolution of their local retail and mixed-use environments,” PREIT said in a statement.

Abrams owns more than three million sf of commercial space in 20 shopping centers across Pennsylvania and New Jersey, according to the company’s website. The firm also manages Yorktown Plaza in Elkins Park, is located at 310 Yorktown Plaza, and is partnered by Jason Abrams, a Cheltenham native.

PREIT, which also owns the Willow Grove Park Mall, has gone through two sets of bankruptcy proceedings since the pandemic.

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Photo: jll.com