PHILADELPHIA-Locally based Pennsylvania Real Estate Investment Trust closes on the sale of its 50%-interest in two remaining joint venture multifamily properties. The buyer is PREIT’s JV partners, who paid an aggregate price of approximately $8.6 million, including assumed debt of $3.4 million and net proceeds of $5 million. PREIT anticipates recording a gain of approximately $6.4 million in this quarter.

The properties are both in Pennsylvania. Fox Run is a 196-unit apartment complex in Warminster that PREIT acquired in 1969. Will-O-Hill is a 190-unit complex it purchased in 1984.

This sale completes PREIT’s disposition of a 19-property multifamily portfolio and its conversion to a retail-only REIT. The company has now received approximately $417 million for all 19 multifamily properties.

King of Prussia, PA-based Morgan Properties acquired 17 properties in the portfolio. Simultaneous with its disposition of multifamily assets, PREIT acquired six malls from Columbia, MD-based Rouse Co.

PREIT’s portfolio now consists of 32 retail properties in seven states with an aggregate of 17.7 million sf. Two additional retail properties are under development.

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