PHILADELPHIA—Locally-based Pennsylvania Real Estate Investment Trust reports today that it has closed on the previously announced $23.6-milion sale of the South Mall in Allentown, PA. The company also reveals it has entered agreements to sell the Nittany Mall in State College, PA and the North Hanover Mall in Hanover, PA.

The sales deasl for the Nittany Mall and North Hanover involve the disposition of the company's last non-core mall properties, company officials say. The announcement did not divulge the buyer of the South Mall or the parties that have entered into contracts with PREIT to acquire the Nittany and North Hanover malls.

"The successful completion of the sale of South Mall, coupled with our agreement to sell Nittany and North Hanover Malls, is a significant step for PREIT," says Joseph F. Coradino, CEO of PREIT. "We have made meaningful strides in reconstituting and elevating PREIT's portfolio quality, particularly at a time when the market is inundated with lower quality assets for sale. With the near completion of our disposition program, we are keenly focused on successfully operating our higher-quality properties, which have the most potential for long-term value creation and strong operating results.”