Deal Finalized To Bring Cooper Facility To Moorestown Mall

MOORESTOWN, NJ — Cooper University Health Care and the Pennsylvania Real Estate Investment Trust (PREIT) have finalized a deal to bring a Cooper Hospital outpatient location to the Moorestown Mall, the mall owners announced on Wednesday.

The 165,000 square-foot specialty care facility will be set up in the area formerly occupied by Sears.

"This addition furthers PREIT's strategic efforts to attract innovative tenants and redefine our high barrier-to-entry portfolio with a unique mix of uses that serves our communities," PREIT CEO Joseph F. Coradino said. "With a solid retail core, the Moorestown community will benefit from the addition of a variety of new uses producing a broader customer base and a stronger business model. We're thrilled to work with our partners at Cooper University Health Care to make high-quality healthcare services accessible and convenient for patients and their families at this new location."

The new outpatient facility, along with the apartments and hotel planned for the Moorestown Mall, will further diversify the property, PREIT said. Read more here: Moorestown Mall Owner Anticipates $150M From Apartment Complex, Hotel

PREIT said the goal is to create a one-stop hub, including dining, entertainment, fitness, a broad array of retail options and a premier outpatient healthcare facility.

Sears announced it was closing its Moorestown Mall store in 2019, before the coronavirus pandemic became an issue for businesses throughout the state and the country. Read more here: Sears To Close Store At Moorestown Mall

Even before the pandemic hit, PREIT had been shifting its focus away from brick and mortar retail, with the additions of Regal Cinemas, Joe Italiano's Maplewood, Hash House A Go Go and The Yard House.

PREIT also owns malls in Cherry Hill and Cumberland, and has part ownership in the Gloucester Premium Outlets.