"It's a strong mall in a growth market," says Jonathan Weller,PREIT's vice chairman. "The acquisition solidifies our position inour core geographic market."

Besides the ownership link through principals of Cumberland MallAssociates, PREIT has another existing connection to the property:PREIT-Rubin Inc. has managed and leased the property for the pastseven years. Cumberland Mall is anchored by Boscov's, JCPenney andValue City. Its in-line retail space, currently 98.8% occupied, has62 tenants including American Eagle Outfitters, Gap, Old Navy andVictoria's Secret. The in-line sales volume for the past 12 monthswas $328 per sf.

"With the strong tenant mix and potential for increased rentfrom this mall, we expect an improved return on this investment,"Weller says. "We underwrote the acquisition to generate anunleveraged return of approximately 10.2% on cost based onanticipated operating income for 2005."