PREIT


PREIT is a privately held company that owns and develops shopping centers, mostly in the Mid-Atlantic states. The company was formerly known as the Pennsylvania Real Estate Investment Trust.

History

The company was founded by Sylvan M. Cohen in 1960 following the passage of the Real Estate Investment Trust Act, which allowed real estate trusts to access money from public investment. In 1997, the company acquired The Rubin Organization for $260 million, and founder and chief executive officer Ronald Rubin became CEO of PREIT. In 2003, the company acquired six shopping malls from The Rouse Company. The company also acquired Crown American.
In 2012, Joseph Coradino was named chief executive officer of the company.
The company filed for Chapter 11 bankruptcy protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.
On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection. The company exited its bankruptcy proceedings in April 2024 as a private company under the ownership of its former lenders and appointed Jared Chupaila as CEO.

Portfolio

Notable properties owned by PREIT are as follows:
MallLocationNotes
Capital City MallCamp Hill, Pennsylvania
Cherry Hill MallCherry Hill, New Jersey
Dartmouth MallDartmouth, Massachusetts
Francis Scott Key MallFrederick, Maryland
Jacksonville MallJacksonville, North Carolina
Lehigh Valley MallWhitehall, Pennsylvania50% ownership with Simon Property Group. Simon manages the mall.
Magnolia MallFlorence, South Carolina
Moorestown MallMoorestown, New Jersey
Patrick Henry MallNewport News, Virginia
Plymouth Meeting MallPlymouth Meeting, Pennsylvania
Springfield MallSpringfield, Pennsylvania50% ownership with Simon Property Group
Springfield Town CenterSpringfield, Virginia
The Mall at Prince George'sHyattsville, Maryland
Valley MallHagerstown, Maryland
Viewmont MallScranton/Dickson City, Pennsylvania
Willow Grove Park MallWillow Grove, Pennsylvania
Woodland MallGrand Rapids, Michigan