PHILADELPHIA, PA—Pennsylvania Real Estate Investment Trust has sold several properties including its 50% interest in Whitehall Mall in Allentown, PA, with an aggregate transaction value of $25 million.
PREIT said the asset sales are part of its strategic disposition program. PREIT started selling assets in 2012 and has sold 15 assets to date, generating total proceeds of approximately $420 million, the firm says in a statement.
"We remain on track in executing our ongoing disposition program and today's announcement demonstrates the progress we are making," says Joseph F. Coradino, CEO of PREIT. "Our selective disposition program has enabled us to generate proceeds to upgrade our core, high-quality properties, while maintaining solid operational performance and a strong balance sheet. Today, PREIT boasts a premier portfolio, supported by a healthy and flexible balance sheet, strategically positioning the Company for long-term success and continued value creation."
Whitehall Mall is located in the Lehigh Valley, previously owned in a joint venture with Washington Prime Group subsequent to its spin-off from Simon Property Group. The other properties sold were outparcels adjacent to PREIT's Magnolia and Francis Scott Key Malls.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
