This was Crown American's smallest mall and a "non-strategic asset," according to chairman and CEO Mark E. Pasquerilla. In a statement, he said it has been operating at small losses, less than a penny per share, in recent years, but had contributed small positive amounts, also less than a penny per share, to funds from operation.
The sale generates a gain of approximately $400,000 for the REIT and a loss on early retirement of debt of approximately $80,000 related to writing off unamortized deferred financing costs, according to the statement.
The property had secured and unsecured debt of approximately $6.7 million, which will be paid from net proceeds of the sale and general company funds.
The Bon Ton anchors the center. Other tenants include B. Dalton, Foot Locker, GNC, K-B Toys, JoAnn Fabrics and Radio Shack.
Crown American's current portfolio of enclosed regional malls encompasses more than 16 million sf.
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