JLL facilitates sale of Exton Square to Abrams Realty & Development
JLL Capital Markets announced today that it has secured the $34 million sale of Exton Square, a super-regional shopping center located in Exton, Pennsylvania, a suburb of Philadelphia.
JLL represented the seller, PREIT. The buyer was Abrams Realty & Development.
Exton Square is strategically located at 260 Exton Square Pkwy., at the intersection of major regional highways including Rte-30 and Rte-100. This prime location provides excellent accessibility and visibility, drawing visitors from the surrounding affluent communities of Chester County. The property benefits from its proximity to dense residential areas as well as major employment centers, including the Vanguard Group headquarters and QVC Studio Park.
The super-regional shopping center was originally built in 1973 and renovated in 2000. Exton Square spans approximately 75 acres and comprises 990,000 square feet of gross leasable area. Major tenants include Boscov’s, Macy’s Main Line Health and Round One Entertainment. The center is also shadow anchored by Whole Foods, which was sold by JLL’s Investment and Sales Advisory team in April of 2019. The property presents significant redevelopment potential, with opportunities to incorporate housing and reimagine the retail mix with contemporary uses.
Galbally commented, “The Exton Square redevelopment, anchored by Whole Foods, Main Line Health, and a large-format fitness tenant, along with a mix of housing, will be a model for mixed-use development in the Northeast and Mid-Atlantic regions.”
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jim Galbally, David Monahan and Fran Coyne and Director Patrick Higgins.
“This sale of Exton Square was a true team effort. PREIT’s work over the years to clear the way for redevelopment, combined with Peter Abrams’ creativity, focus and partnership, made this deal possible,” said Galbally. “Peter was an unbelievable partner throughout the process.”
“Peter’s vision for the transformation of Exton Square will stimulate economic growth and social interaction and serve as a blueprint for similar redevelopment opportunities for years to come,” added Higgins. “The development’s diverse programming mix will be a significant catalyst for future growth in Exton and underscores the desirability of suburban town center marketplaces throughout the Philadelphia MSA as hubs of commerce for retailers, businesses and employers alike.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About PREIT
PREIT is a privately held real estate investment firm that owns and manages retail-centric, community-focused commercial properties developed to serve as economic and social anchors. PREIT’s robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves. PREIT is committed to enhancing communities through strategic asset optimization and redevelopment.
Instagram: @preit
LinkedIn: @PREIT
About Abrams Realty & Development
Abrams Realty & Development, LLC, is a commercial real estate company specializing in ground up and value added retail projects in the greater Delaware Valley.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
