Considered one of the premier retail properties in Florida, theproperty generated average annual sales of $300 per sf, excludingtenants with leases over 10,000 sf, according to ColonialProperties Trust. The deal is expected to close in the fourthquarter and will be funded from the buyer's unsecured creditfacility, according to Ronald Rubin, chairman and CEO of thePhiladelphia-based PREIT.

"PREIT has made a $2-million deposit which it will forfeit if itdoes not close the transaction for any reason other than thefailure of the sellers to satisfy certain closing conditions,"Rubin says. The transaction has been approved by PREIT's board oftrustees but is still subject other customary closingconditions.

Rubin calls the pending acquisition "consistent with ourpreviously stated goal of expanding our presence in the Southeast."He says Orlando "has one of the fastest growing populations in thecountry and we believe this mall presents an attractive opportunityfor PREIT to bring tenants to this market."