Pennsylvania Real Estate Investment Trust, which owns the
Capital City Mall in Cumberland County, has completed its sale of the North
Hanover Mall in York County, as part of a $32.3 million deal that also involved
the Nittany Mall in State College.
“Today’s announcement demonstrates our continued success
in opportunistically divesting assets to transform our portfolio and create
value for shareholders,” CEO Joseph Coradino said Monday. “We have generated
significant proceeds through our selective disposition program, while at the
same time upgrading our core, high-quality properties.”
PREIT began its disposition
program in 2012. To date, it has sold 11 properties, has one under agreement
and is negotiating agreements for two additional parcels. The 14 assets total
more than $400 million.
North Hanover Mall is a
452,000-square-foot mall with sales of $275 per square foot and non-anchor
occupancy of 72.8 percent, as of June 30, according to the company.
PREIT’s remaining portfolio averaged sales of $378 per
square foot and non-anchor occupancy of 89.5 percent, as of June 30. The trust
owns and operates more than 30 million square feet of space in properties in 12
states in the eastern part of the country, with concentration in the Mid-Atlantic
and greater Philadelphia regions.
Shares of PREIT are traded on the New
York Stock Exchange under the ticker symbol PEI.
Source: Central
Penn Business Journal
No comments:
Post a Comment