CHAMBERSBURG, PA-As part of a continuing push by Pennsylvania Real Estate Investment Trust to sell off non-core assets, The Chambersburg Mall has been sold for $8.8 million.
PREIT said proceeds after closing costs, settlement and credits, were $8.4 million.
"Finalizing the sale of Chambersburg Mall represents a critical step on the path to redefining the quality of PREIT's portfolio,” said PREIT CEO Joseph F. Coradino.
He said, “The property has been among our weakest performing properties and we are pleased to be in a position to allocate our internal resources and capital more effectively toward projects that can create long term value for our shareholders."
The buyer of the property was not identified by PREIT.
The 455,000-square-foot mall is anchored by jcpenney, Sears, Bon Ton and Burlington Coat Factory.
At the end of the third quarter, PREIT reported sales at the property of $235 per square foot and non-anchor occupancy of 76.2%. For the PREIT mall portfolio as a whole, sales per square foot average $381 per square foot and occupancy of non-anchor space is 90.3%.
PREIT's portfolio includes 35 shopping malls, five community and power centers, and three development properties. All are located in 12 eastern states, most in the Mid-Atlantic region.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
