GlobeSt.com UPDATE: PREIT Completes $549.4-M Rouse Retail Acquisition

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.