The owner of three South Jersey malls has reported a multi-million-dollar loss for a fourth year running.
But Philadelphia-based PREIT said last year’s deficit narrowed to $160.1 million, compared to a $286.8 million net loss attributable to shareholders in 2020.
And company executives, while acknowledging the need to reduce debt through property sales, pointed to Cherry Hill Mall as a bright spot in PREIT’s operations.
The Route 38 mall has become the firm’s top performer after “tremendous sales growth” in the past year, said Heather Crowell, a PREIT spokesperson.
Cherry Hill Mall led all PREIT properties with sales of almost $1,000 per square foot in January, noted Joseph Coradino, the firm’s chairman and CEO.
*Article courtesy of CourierPost
For more information about this Cherry Hill retail space or about any other Cherry Hill commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a Cherry Hill commercial real estate broker at 856-857-6300.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Cherry Hill commercial real estate broker that provides a full range of Cherry Hill commercial real estate listings and services related to this retail space.
Wolf Commercial Real Estate also offers property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail spaces, and other Cherry Hill commercial properties for buyers, tenants, investors, and sellers. Please visit our websites for a full listing of Cherry Hill commercial properties for lease or sale through our Cherry Hill commercial real estate brokerage firm.
