Pennsylvania Real Estate Investment Trust, the
Philadelphia shopping-center landlord that owns the Gallery at Market East,
Cherry Hill, Willow Grove and other area malls, said today it is looking for
buyers for five more of its Pennsylvania centers: Springfield Park, a strip of
stores near Baltimore Pike in Delaware County; Palmer Park, Easton; Uniontown
Mall, Uniontown; Lycoming Mall, Williamsport; and Washington Crown Center,
Washington, Pa.
The plan falls short of a larger divestment strategy
urged by a dissident investor last year, which would also sell off malls in
Moorestown, Voorhees and Plymouth Meeting, among other places. But in this
statement, PREIT ceo Joseph Corradino pointed out that his firm sold interests
in several malls in 2014, including a half interest in the Gallery, for a total
of $192 million, after selling properties worth over $200 million in 2012-13;
and that its remaining malls have better sales and more promising rental
prospects.
Source: Philly.com
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