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PREIT Advances Mall Portfolio Upgrade with Deal To Sell 2 Properties; Decision To Market Another

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Washington Crown Center, Remaining Office Building at Voorhees Town Center Under Contract; Beaver Valley Mall Being Marketed For Sale

PREIT continues the drive to upgrade the quality of its portfolio. The REIT has executed agreements of sale and received non-refundable deposits for the sale of Washington Crown Center in Washington, PA, and the office building it retained at Voorhees Town Center in the New Jersey suburbs of Philadelphia.

The 676,000-square-foot Washington Crown Center in Washington, PA, is anchored by Bon-Ton, Macy’s, Gander Mountain and Sears. As of March 31, 2016, the property generated sales per square foot of $318 and non-anchor occupancy of 87.9%.

Also under contract is the 48,444-square-foot office building at 220 Laurel Road in Vorhees, NJ. Newmark Grubb Knight Frank has been listing the building for sale at $6.5 million.

Details including pricing and proceeds will be made available upon closing, the company said. The transactions are expected to close before the end of the third quarter of 2016.

The company also has decided to market for sale its Beaver Valley Mall in suburban Pittsburgh, which it has acknowledged at the worst performing mall in its portfolio. But its fortunes could soon be due for a boost.

The decision to market 1.12 million-square-foot Beaver Valley Mall was made following the pivotal announcement this summer from Shell Chemical that it is moving forward with development of a multi-billion dollar petrochemical complex just a mile and a half from the mall, which will bring several thousand jobs to the region. This development presents an opportunity to maximize the value of the property upon sale while preserving capital for other investments, the REIT said.

PREIT has generated proceeds in excess of $645 million from property sales since June 2012.

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