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Pennsylvania REIT inks deals for Pa., NJ property sales

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Pennsylvania REIT inks deals for Pa., NJ property sales

Pennsylvania RealEstate Investment Trust reached deals to sell Washington Crown Center in Washington, Pa., andits remaining office building at VoorheesTown Center in New Jersey, continuing its portfolio quality improvementprogram.

Financial terms of the deals, set to close before third quarter-end,were not made public.

The company noted that Washington Crown Center, which featuresBon-Ton, Macy's, Gander Mountain and Sears as anchor tenants, had 87.9% non-anchoroccupancy and generated sales of $318 per square foot as of March 31.

The REIT is also marketing for sale another Pennsylvania asset,called Beaver Valley Mall,a decision it made after Shell Chemical unveiled plans to build a petrochemicalcomplex close to the mall.

Since June 2012, the company's "robust" transformationagenda has yielded more than $645 million in proceeds and has driven more than 20%sales growth.