"It's a strong mall in a growth market," says Jonathan Weller, PREIT's vice chairman. "The acquisition solidifies our position in our core geographic market."

Besides the ownership link through principals of Cumberland Mall Associates, PREIT has another existing connection to the property: PREIT-Rubin Inc. has managed and leased the property for the past seven years. Cumberland Mall is anchored by Boscov's, JCPenney and Value City. Its in-line retail space, currently 98.8% occupied, has 62 tenants including American Eagle Outfitters, Gap, Old Navy and Victoria's Secret. The in-line sales volume for the past 12 months was $328 per sf.

"With the strong tenant mix and potential for increased rent from this mall, we expect an improved return on this investment," Weller says. "We underwrote the acquisition to generate an unleveraged return of approximately 10.2% on cost based on anticipated operating income for 2005."