PREIT has completed the sales of its two remaining non-core malls for a combined purchase price of $49 million. The first retail center, Beaver Valley Mall in Monaca, PA., is anchored by Boscov’s, JC Penney and DICK’s Sporting Goods and sold for $24.2 million. The second asset, Crossroads Mall in Beckley, WV., is anchored by Belk, DICK’s Sporting Goods, JC Penney and Sears and traded for $24.8 million. The company has been selling off 16 of its more poorly performing malls as well as other non-core properties, generating $720 million in gross proceeds.
“We continue to believe that quality retail properties will be a critical consumer touchpoint in the omni-channel retail environment. Our disposition and remerchandising efforts put us well in front of the changing retail landscape culminating in a portfolio of properties that are extremely well-positioned in densely populated markets that is attractive to retailers,” said Joseph Coradino, CEO of PREIT. “With this phase of our transformation behind us, we are now in a position to capitalize on our value-enhancing redevelopment, remerchandising and anchor replacement programs that we expect will lead us to $500 per square foot in sales, while delivering NOI and NAV growth and creating shareholder value.”
