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VOORHEES, NJ-Wal-Mart is out of the picture in Pennsylvania RealEstate Investment Trust's plans to redevelop the aging Echelon Mallhere. PREIT and Wal-Mart had announced just over a year ago thatthey had adeal for the latter to build a 148,000-sf store on an outparcelonce occupied by J.C. Penney at the 1.2 million-sf, 1970s-eraenclosed mall.

Instead, the Philadelphia-based PREIT will push forward with anew plan to redevelop Echelon Mall as a mixed-use complex. Thecompany bought the property in 2003 as part of a portfolio of sixolder regional malls in metro Philadelphia, paying the Rouse Co.almost $550 million. Rouse had built the mall as the commercialcenterpiece for its Echelon planned community in this South Jerseytownship.

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