Abrams Realty & Development of Elkins Park is under contract to purchase the Exton Square Mall from Pennsylvania Real Estate Investment Trust (PREIT), BizNow.com reported.

According to their article, Abrams is looking for a mixed-use project to replace the 72-acre mall, which was only 62% occupied as of last spring. Plans include tearing down part of 990,000 sf shopping center for a multifamily development and adding new uses to the retail section.

Abram owns more than three million sf of commercial space in 20 shopping centers across Pennsylvania and New Jersey, according to the company’s website.

Abrams also manages Yorktown Plaza in Elkins Park. The company 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.

For all the latest news, follow us on Facebook or sign up for Glenside Local’s “Daily Buzz” newsletter here.

Photo: jll.com