PREIT Realty (an initialism of its former name, Pennsylvania Real Estate Investment Trust) is a privately held company that owns and develops shopping centers, mostly in the Mid-Atlantic states.
History The company was founded by Sylvan M. Cohen (1914-2001) in 1960 following the passage of the Real Estate Investment Trust Act, which allowed real estate trusts to access money from public investment. In 1997, the company acquired The Rubin Organization for $260 million, and founder and chief executive officer Ronald Rubin became CEO of PREIT. In 2003, the company acquired six shopping malls from The Rouse Company. The company also acquired Crown American.
In 2012, Joseph Coradino was named chief executive officer of the company.
The company filed for Chapter 11 bankruptcy protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.
On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection. The company exited its bankruptcy proceedings in April 2024 as a private company under the ownership of its former lenders and appointed Jared Chupaila as CEO.
In Spring 2026, PREIT announced a redesigned website via a LinkedIn post alongside a new logo and rebrand to PREIT Realty.
Portfolio Notable properties owned by PREIT are as follows:
MallLocationNotesCapital City MallCamp Hill, PennsylvaniaCherry Hill MallCherry Hill, New JerseyDartmouth MallDartmouth, MassachusettsFrancis Scott Key MallFrederick, MarylandJacksonville MallJacksonville, North CarolinaLehigh Valley MallWhitehall, Pennsylvania50% ownership with Simon Property Group. Simon manages the mall.Magnolia MallFlorence, South CarolinaMoorestown MallMoorestown, New JerseyPatrick Henry MallNewport News, VirginiaPlymouth Meeting MallPlymouth Meeting, PennsylvaniaSpringfield Town CenterSpringfield, VirginiaThe Mall at Prince George'sHyattsville, MarylandValley MallHagerstown, MarylandViewmont MallScranton/Dickson City, PennsylvaniaWoodland MallGrand Rapids, Michigan
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