PREIT COMPLETES SALE OF FOUR SHOPPING MALLS
Philadelphia-based PREIT, one of the nation’s leading real estate investment trusts, has announced it has completed the sale of four additional non-core malls, which signifies the near-completion of the company’s plan for non-core mall disposition. Since November 2012, PREIT has sold 13 lower-productivity malls as well as several power centers and land parcels, which has generated approximately $600 million in gross proceeds. That money has been used to reduce the company’s overall indebtedness and fund value-creating redevelopment and remerchandising initiatives.
The newest transactions are the sale of Lycoming Mall in Pennsdale, Pennsylvania, which is anchored by JC Penney, Sears, Bon-Ton and Macy’s, and a three-mall package include the Gadsden Mall in Gadsden, Alabama, which is anchored by Belk, JC Penney and Sears; the New River Valley Mall in Christiansburg, Virginia, which is anchored by Belk, Dick’s Sporting Goods, JC Penney and Kohl’s; and the Wiregrass Commons Mall in Dothan, Alabama, which is anchored by Belk, Burlington Coat Factory, Dillard’s and JC Penney.
“PREIT has remained steadfastly committed to creating a high-quality portfolio that delivers outstanding results for our shareholders,” said Joseph Coradino, the company’s CEO. “The disposition of these 13 malls redefines PREIT. With sales of $458 per square foot and remerchandising and redevelopment initiatives under way that provide a clear and realizable path to $500 per square foot, we are now a more compelling platform for retailers and investors.”
