(To read more on the multifamily market, click here.)

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.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.