X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Locally based Pennsylvania Real Estate Investment Trust moves closer to eliminating its 19-property multifamily portfolio with completion of the sale of two more wholly owned assets to King of Prussia, PA-based Morgan Properties.

The assets are Emerald Point in Virginia Beach, VA, and Regency Lakeside in Omaha, NE. Morgan paid approximately $81.4 million, including assumed debt of $33.8 million for the two assets. PREIT’s net proceeds are $44.3 million, a figure that reflects a purchase price credit of $3 million, awarded to Morgan upon the closing of all 15 of PREIT’s wholly owned properties.

The REIT has now completed the sale of 17 of its 19 multifamily properties and has received approximately $408 million of the expected purchase price of $417 million for all 19 assets. It expects to sell its two remaining joint-venture multifamily assets to its joint-venture partners during this quarter. The properties are Fox Run in Warminster, PA and Will-O-Hill in Reading, PA.

PREIT is applying “a substantial portion” of the proceeds from the multifamily transactions to pay off the balance of an acquisition term loan, secured to buy retail assets from Columbia, MD-based Rouse Co. and to pay down its $25-million unsecured line of credit.

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?

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.