PHILADELPHIA, PA—Pennsylvania Real Estate InvestmentTrust has sold the Nittany andNorth Hanover Malls for $32.3 million. PREIT sayscompletion of the transaction is “a major milestone” in thecompany's commitment to enhancing the quality of its portfolio.
"Today's announcement demonstrates our continued success inopportunistically divesting assets to transform our portfolio andcreate value for shareholders," says Joseph F.Coradino, CEO of PREIT. "We have generated significantproceeds through our selective disposition program, while at thesame time upgrading our core, high-quality properties. We aredriving value by shaping a portfolio that derives nearly all of itsNOI from high-quality malls, while maintaining solid operationalperformance and a strong balance sheet."
PREIT started disposing of underperformingassets in 2012 as part of its portfolio quality improvementstrategy. The two sales, announced this week, bring to 11 theassets sold to date. PREIT also has another property underagreement of sale, and is negotiating agreements of sale for twoparcels. PREIT says it has sold successfully six non-core mallsthat generated sales per square foot well under $250 forapproximately $113.9 million.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
