SPRINGFIELD, PA—As part of its ongoing portfolio repositioning, Pennsylvania Real Estate Investment Trust has sold its 50 percent interest in Springfield Park, an open air center located in Springfield, PA, for $20.2 million.
The sale continues a PREIT program aimed at repositioning its investments into a portfolio of high-quality enclosed malls. The program has raised $440 million in gross proceeds so far, PREIT says.
Springfield Park is a 287,000 square foot open air center located in suburban Philadephia, anchored by Target and Bed, Bath and Beyond.
"This transaction marks another step in our portfolio transformation as we look to recycle capital into creating value in our high-quality mall portfolio," says Joseph F. Coradino, CEO of PREIT. "We have made meaningful strides in reconstituting and elevating PREIT's portfolio quality while improving our balance sheet and will continue to opportunistically dispose of assets that aren't core to our transformed portfolio."
As previously reported by GlobeSt.com, PREIT sold its Nittany and North Hanover Malls in September 2014; its 50 percent interest in Whitehall Mall in Allentown, PA in December; and has announced plans to divest Palmer Park Mall in Easton, PA; Uniontown Mall in Uniontown, PA; Lycoming Mall in Williamsport, PA; and Washington Crown Center in Washington, PA
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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].
