Exton Square

Project Outline

Pennsylvania Real Estate Investment Trust (PREIT), founded in 1960, is one of the nation’s largest retail REITs, owning thirty-five (35) regional shopping malls with a market capitalization of over $1 billion.  PREIT looked to launch a value-creation strategy within a select group of their retail portfolio by re-purposing under-utilized in-line, anchor pad sites and excess land for use by non-retail users such as healthcare, government and educational institutions.  As part of this strategy, PREIT engaged SREA to spearhead marketing and leasing efforts for this initiative, with an initial focus on Exton Square.

Services Provided

  • Provided support and additional resources for PREIT’s in-house leasing team
  • Managed proposal preparation and review
  • Created presentation packages and other collateral
  • Marketed due diligence
  • Conducted a deal structure analysis and provided recommendations
  • Prepared a timeline
  • Established tenant relationship management
  • Conducted lease negotiations

How SREA Added Value

By utilizing local market knowledge and relationships, SREA was able to help PREIT secure a long-term lease with one of the region’s leading healthcare systems.  Highlights of the assignment included:

  • Enhancing the property’s value through diversification
  • Leveraging the healthcare system’s interest in the property to attract other synergistic tenants
  • Working in partnership with both PREIT and the healthcare system to find solutions to critical lease points
  • Fulfilling PREIT’s ultimate objective of creating a broader range of services to meet the needs of its customer base and community, in general
  • Securing a 32,000 square foot credit tenancy, with a transaction value in excess of $12 million