PREIT partners with CBRE to seek new uses to further redevelop the Plymouth Meeting Mall

PREIT, the owner of the Plymouth Meeting Mall, announced today that it is now working with CBRE to help execute its “vision to bring a multitude of new uses to Plymouth Meeting Mall” as it continues to work towards having the mall property become a multi-use destination.

In a marketing brochure (view), CBRE outlines redevelopable portions within the mall on the first and second floors. It then shows what it describes as “aspirational” types of redevelopment that happened at other similar properties. Uses described as possible are life science, light industrial, education, and multi-use office.

PREIT has been working on moving away from a retail-focused mall for several years. Today, nearly half of the property’s space is dedicated to dining and entertainment.

Since Macy’s closed its’ store in 2017, the Plymouth Meeting Mall has secured a variety of tenants to fill up to 200,000 square feet of space with new retail, dining, and experiential concepts. These tenants include Dick’s Sporting Goods, Burlington, Miller’s Ale House, Edge Fitness, Michael’s, Sola Salon and Restore Hyperwellness & Cryotherapy, Ideal Image, Roll by Goodyear, and Plymouth Performing Arts. A Shake Shack is currently completing construction.

“PREIT has retained the broad enterprise resources of CBRE to source development and investment partners in non-retail sectors including life sciences, biotech, education and others as well as conventional office users that will take advantage of the region-leading location, access, and strong retail amenity base,” according to Steven Gartner, Executive Vice President of CBRE, who’s leading the company’s multidisciplinary team.

“Through smart integration of non-retail uses alongside our array of retail segments and entertainment, dining, grocery, wellness and fitness, PREIT is committed to its plan to maximize the value of its distinctive real estate portfolio through the introduction of the highest and best uses available across its portfolio,” said Joseph F. Coradino, CEO of PREIT.

Coradino continued, “Our foresight has shaped a high-quality real estate portfolio with a strong retail core that attracts a distinctive mix of new uses to redefine the future-ready retail and leisure district. The synergistic additions of office users will benefit our existing tenants and communities by increasing visits to the property and delivering a new customer.”

Outside of this effort, PREIT is currently seeking zoning relief to build an 11-story, 503 unit, apartment building on the property. The township is opposing this application.

In addition, Keystone Property Group owns the office building adjacent to the mall that is nine stories and 173,440 square feet. It is currently not occupied. There had been a plan to redevelop this building as a senior living facility, but that did not move forward.