Pennsylvania Real Estate Investment Trust has completed the
sale of South Mall in Salisbury Township near Allentown for $23.6 million.
Company officials did not disclose the buyer. LANDEX, a deed
records recording system for county governments, shows the property was sold to
Nicholas Park Mall LLC, based in Harrisburg.
South Mall is a 406,000 square-foot-mall anchored by
SteinMart and Bon-Ton. Sales at South Mall were $227 per square foot and
nonanchor occupancy was 90.6 percent as of March 31, according to a news
release.
Sales and occupancy at these properties generally lag
PREIT’s portfolio that averaged sales of $377 per square foot as of March 31,
according to a news release.
Calls requesting comment were not returned from Heather
Crowell, vice president of corporate communications and investor relations for
PREIT.
According to a news release, PREIT recently entered into an
agreement of sale to dispose of its two remaining noncore malls – Nittany Mall
near State College and North Hanover Mall in Hanover, York County.
PREIT began its disposition program in 2012 as part of its
portfolio reorganizing plan.
In early 2013, PREIT sold the Phillipsburg Mall for $11.5
million to Mason Asset Management Inc. of Great Neck, N.Y.
Source: LVB.com
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