PREIT had acquired 49% of the aggregate partnership interests in New Castle Associates in April 2003 as part of a deal in which it acquired six Philadelphia area/South Jersey malls from the Rouse Co. of Columbia, MD. The Cherry Hill Mall portion of the package involved 585,000 PREIT operating partnership units issued at $29.285 per unit, and PREIT subsequently boosted its share in New Castle Associates to 73% for $31 million in cash.
Cherry Hill Mall, one of the oldest enclosed regional shopping centers in the country, dates back to the 1960s. At the end of the first quarter of this year, the sprawling property was showing a sales volume of $418 per sf, and occupancy of just over 93%.
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