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ORLANDO-Orlando Fashion Square Mall is formally under new ownership today. Philadelphia-based Pennsylvania Real Estate Investment Trust has completed its $123.5-million acquisition of the 35-year-old, 1.1-million-sf, 92%-leased property two miles east of Downtown. The sellers were Birmingham, AL-based Colonial Properties Trust and Prudential Real Estate Investors of Parsippany, NJ.

The contract was signed Oct. 19, as GlobeSt.com previously reported. The price equates to $112.27 per sf. The trust had a $2-million non-refundable deposit riding on the closing. The mall’s anchors are Sears, JCPenney, Burdines-Macy’s and Dillards.

For PREIT, the acquisition brings a retail trophy to its portfolio of 53 properties in 12 states totaling 32.1 million sf. The portfolio includes 36 malls, 13 strip and power centers and four industrial properties.

Granite Partners LLC of New York advised the sellers on the transaction. The sale includes an Olive Garden Restaurant and the High-Tech Institute, both located on the mall’s property, according to Arthur Milston, managing director of Granite Partners. Colonial says the sale’s proceeds will be used to reduce its debt load and to support its ongoing developments.

PREIT chairman and CEO Ronald Rubin says he expects the planned second-quarter opening of a 41,000-sf movie theater on the mall’s second floor to generate an unleveraged return of about 7.6% on cost.

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