PHILADELPHIA—Locally-based Pennsylvania Real EstateInvestment Trust reports today that it has closed on thepreviously announced $23.6-milion sale of the SouthMall in Allentown, PA. The company also reveals it hasentered agreements to sell the Nittany Mall inState College, PA and the North Hanover Mall inHanover, PA.

The sales deasl for the Nittany Mall and North Hanover involvethe disposition of the company's last non-core mall properties,company officials say. The announcement did not divulge the buyerof the South Mall or the parties that have entered into contractswith PREIT to acquire the Nittany and North Hanover malls.

"The successful completion of the sale of South Mall, coupledwith our agreement to sell Nittany and North Hanover Malls, is asignificant step for PREIT," says Joseph F.Coradino, CEO of PREIT. "We have made meaningful stridesin reconstituting and elevating PREIT's portfolio quality,particularly at a time when the market is inundated with lowerquality assets for sale. With the near completion of ourdisposition program, we are keenly focused on successfullyoperating our higher-quality properties, which have the mostpotential for long-term value creation and strong operatingresults.”

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.