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FRACKVILLE, PA-Pennsylvania Real Estate Investment Trust has completed the sale of Schuylkill Mall to Philadelphia-based Empire Realty Investments Inc. for $17.6 million, or $24.24 per sf. The 726,000-sf enclosed mall was in Johnstown-based Crown American Realty Trust’s portfolio when that company was merged into PREIT in May 2003.

It is located at the intersection of Hwy. 61 and I 81 and was built in 1980 and renovated in 1991. According to a PREIT SEC filing, as of Dec. 31, 2006, it was 72.8% leased. Anchors are Bon Ton, Kmart, Sears and Black Diamond Antiques. A call to Empire was not returned by deadline.

The sale price represents a cap rate of approximately 10% based on PREIT’s 2007 budgeted operating income for the center. The Philadelphia-based seller anticipates net proceeds of approximately $1.6 million, after closing costs and adjustments. It expects a gain on the sale of $6.5 million in net income, or $0.16 per diluted share, available to PREIT shareholders in the first quarter of this year. The gain will not be included in the company’s funds from operations.

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