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Pennsylvania REIT off-loads 4 noncore malls

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Pennsylvania REIT off-loads 4 noncore malls

PennsylvaniaReal Estate Investment Trust said March 30 that it completed thesale of four noncore malls as part of its ongoing portfolio repositioning plan.

The company sold Lycoming Mall in Pennsdale, Pa., for about $26.4 million.

Pennsylvania REIT also off-loaded a three-mall for $66 million,inclusive of $17 million in seller financing. The properties compriseGadsden Mall inGadsden, Ala.; New RiverValley Mall in Christiansburg, Va.; and inDothan, Ala. The REIT noted that it may also be entitled to $3.5 million ofadditional consideration for the three malls if certain conditions are met inthe coming years.

The company has sold 13 lower-productivity malls, as well asseveral power centers and land parcels, as part of its plan to improveportfolio quality, generating $600 million in gross proceeds that has been usedto lower the company's debt and fund redevelopment and remerchandisinginitiatives, according to a news release. There is only one remaining noncoremall being marketed for sale.