X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Locally based Pennsylvania Real Estate Investment Trust closeson the two remaining malls in a six-mall portfolio it acquired this yearfrom Columbia, MD-based Rouse Co. PREIT paid an aggregate of approximately $80.4million for Plymouth Meeting Mall in Plymouth Meeting, PA, and Echelon Mallin Voorhees, NJ. The aggregate retail space is about 1.6 million sf.

The Plymouth Meeting property has a gross leasable area of 820,000 sf, andthe current occupancy rate is 91.1%. At the end of March, in-line tenantsales averaged $231 per sf.

Echelon Mall totals 1.14 million sf, and the occupancy rate is 73%. In-linetenant sales average $237 per sf.

To fund the purchase, PREIT refinanced Dartmouth Mall in Dartmouth, MA, andMoorestown Mall in Moorestown, NJ, for $70 million and $64.25 million,respectively. The financings were completed for a 10-year term withamortization on a 30-year basis, at an interest rate of 4.95%. It paid Rouse with net proceedsof $74.2 million from this transaction, plus $6.2 million from its line ofcredit.

Moorestown Mall is one of three centers PREIT acquired in the Rouse package.The others are Cherry Hill Mall in NJ, Exton Square Mall in Exton, PA, andthe Gallery at Market East in Center City. The four total about 3.6 million sf,and PREIT paid an aggregate price of $469 million, bringing the total priceof the six-mall portfolio to $549.4 million.

The final closing “secures our position as the leading shopping mall REIT inthe Philadelphia market,” said Ronald Rubin, PREIT’s chairman and CEO.

Thecompany’s retail portfolio increased by 47% since January 1. PREIT now owns28 retail properties totaling about 17.4 million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.