NEWARK, DE-As we reported earlier, Pennsylvania REIT has sold two retail centers -- the 302,800-square-foot Christiana Center in Newark, DE and the 227,000-square-foot Commons at Magnolia in Florence, SC.
More details have emerged about the transaction, courtesy SNL Financial.
As we noted, the sales generated combined sales proceeds of $87.3 million.
SNL goes on to report that the transactions represent a blended cap rate of 6.8% and gains on sales of approximately $45.4 million. Also, the buyer assumed the $49.2 million mortgage loan secured by Christiana Center.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
