PHILADELPHIA-Locally-based Pennsylvania Real Estate Investment Trust reports it has completed the sale of two power center properties that generated combined sales proceeds of $87.3 million.
The sale of the 302,800-square-foot Christiana Center in Newark, DE and the 227,000-square-foot Commons at Magnolia in Florence, SC were undertaken in conjunction with what the company states is its “strategic plan to dispose of non-core properties in order to strengthen its balance sheet by reducing debt.”
In connection with these transactions, the unnamed buyer assumed the $49.2-million mortgage loan secured by Christiana Center.
"Upon application of these proceeds, PREIT has strategically reduced its debt by $359.0 million in 2013, funded primarily through non-core asset dispositions and a successful common equity offering," states Joseph F. Coradino, CEO of PREIT. "These dispositions mark another critical step in PREIT's portfolio transformation and in strengthening our financial position."
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