Quote:
Originally Posted by mcgrath618
TBF, people like Gatorade Jim are new and weren't here when we had the first discussion, so I think it's okay for him and jaysb (also new) to restart the discussion.
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Relative newbie here, too, so I appreciate the discussion. I agree that nothing will probably happen to the south side of the 1000 block of Market until PREIT either declares bankruptcy (for real this time), or sells.
PREIT is already out of the Fashion District. It's mostly owned by their partner, Macerich, now. PREIT seems to still be managing it, but they offloaded most of their financial stake already.
They probably have about 2 years to shore up their balance sheet and sell off some of their non-core malls before major debt maturities come due. If the market slows down as expected with interest rates rising, they'll probably have trouble getting a new buyer to pay what they need them to for those non-core properties. I wouldn't be surprised to see them declare bankruptcy soon.