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Pennsylvania REIT to net $75M from triple transaction

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Pennsylvania REIT to net $75M from triple transaction

Pennsylvania Real Estate Investment Trust agreed to two purchase and sale transactions, and one land parcel disposal, in Pennsylvania.

The transactions will yield about $75 million, which the company will direct toward the execution of its capital plan, it said in a release.

The trust secured significant nonrefundable deposits from undisclosed buyers for the Altoona, Pa.-based Logan Valley Mall and the 801 Market Office condominium asset in Philadelphia's East Market. Logan Valley Mall was placed on the market in May. Completion of both transactions is slated for the third quarter.

Meanwhile, the company agreed to sell the 4.9-acre Exton Square land parcel in Exton, Pa., to a multifamily developer. The sale is expected to close once the developer obtains entitlements.