Matthews Retail Advisors Brokered Lycoming PA Non-Core Asset Sale for PREIT

Lycoming Mall, Pennsdale, PA

PENNSDALE, PA— Los Angeles-based Matthews Retail Advisors is helping PREIT execute its fire sale of 13 poorly performing properties as part of a strategic exit from non-core properties. As previously reported by GlobeSt.com, PREIT sold its Lycoming Mall in Pennsdale, PA for $26.4 million. Matthews’ El Warner , national director, and Patrick Toomey , senior director, who oversee the company’s Shopping Centers Division, facilitated the transaction for PREIT . The buyer, Kohen Asset Management , is a privately held, New York based investment company that specializes in the acquisition and management of B and C malls across the United States. The transaction closed as originally negotiated within 30 days. The 96-percent-leased mall is an 806,788 square-foot asset anchored by a total of 85 retailers including Macy’s, Sears, J.C. Penney, the Bon Ton, Dick’s Sporting Goods, and Burlington Coat Factory . The disposition of Lycoming Mall signifies the near completion of PREIT’s strategy to reduce debt, improve portfolio quality and drive operating results. “The Matthews Real Estate Investment Services team provided PREIT with an outstanding level of service in the disposition of Lycoming Mall , a critical transaction in our portfolio repositioning initiative,” says Mario Ventresca of PREIT . “From the early stages of the marketing effort through to closing, they worked tirelessly to ensure that our deal was executed in a flawless manner.  Their team of professionals stepped up with energy and determination, helping us move this difficult transaction across the goal line.” Warner and Toomey , who represent approximately 40 percent of the market of non-core dispositions for institutional investors, currently have nearly 50 publicly marketed or off-market non-core assets for institutional and public companies. Lycoming Mall marks their 118th non-core sale in the past 36 months.