Chattanooga, Tenn. and Philadelphia — Against headwinds brought on by the COVID-19 pandemic, CBL & Associates Properties Inc. and Pennsylvania Real Estate Investment Trust (PREIT) filed for Chapter 11 bankruptcy protection on Nov. 1. PREIT Philadelphia-based PREIT owns and operates 22.5 million square feet of retail space including 19 mall properties in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. The company has reached a Restructuring Support Agreement (RSA) with its bank lenders, under which an additional $150 million will be committed to recapitalize the business …
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New York City — Safari Energy, a leading commercial and industrial solar developer, has inaugurated its solar rooftop system at Francis Scott Key Mall in Frederick, Md. The 2,056 kilowatt capacity project, which is now operational, is currently providing clean energy to power the Class A shopping destination, owned by PREIT, a leading real estate investment trust.
Philadelphia — PREIT has opened three new retailers at Viewmont Mall in Scranton, Pa., where the company recently recast its anchor mix. DICK’S Sporting Goods, Field & Stream and HomeGoods have opened within the space formerly occupied by Sears and proactively recaptured by PREIT.