ORLANDO, FL-The Orlando Fashion Square Mall has been sold by Pennsylvania Real Estate Investment Trust of Philadelphia for $35 million.

The new owner, reported to be UP Development of Nashville, TN, has selected Schmid Construction of Clermont, FL as the general contractor for the redevelopment of the Orlando Fashion Square Mall and surrounding retail parcels, according to the Orlando Business Journal,

Orlando Fashion Square Mall is a 1.1-million sf regional mall, anchored by Dillard’s, jcpenney, Macy’s and Sears. The property is subject to a ground lease. Sales at the property were $233 per square foot and non-anchor occupancy was 80.7% as of December 31, 2012, both of which were below PREIT’s portfolio averages, the company reports. The sale price represents a capitalization rate of approximately 9.8%. The company in its announcement did not identify the buyer of the property.

“The sale of Orlando Fashion Square and the previously-announced sale of Phillipsburg Mall are further evidence of our commitment to the plan we’ve laid out to elevate the quality of our portfolio and improve our operating metrics. We are pleased with the terms of this transaction and look forward to continuing to achieve our strategic objectives,” said Joseph F. Coradino, CEO of PREIT. See story in the Orlando Business Journal.