Abrams Realty & Development has officially acquired Exton Square Mall, finalizing the purchase on Tuesday and setting the stage for a major redevelopment of the struggling retail property.

The Elkins Park-based firm, led by owner Peter Abrams, purchased the 75-acre site for $34.25 million. The seller, Philadelphia-based regional mall operator PREIT, had previously been under contract to sell the property in 2022 to Brandywine Realty Trust (NYSE: BDN) for $27.5 million, but that deal ultimately fell through.

The sale marks the end of a prolonged chapter for PREIT, which recently transitioned into a private company after emerging from bankruptcy protection.

*Article courtesy of Philadelphia Business Journal

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