WASHINGTON, PA—PREIT says it sold its Washington Crown Center mall in Washington, PA, about 30 miles southwest of Pittsburgh, as part of its continuing divestitures of underperforming properties. The property was sold for $20 million.
“We remain committed to crafting a strong portfolio of assets that are well-positioned for the future,” says Joseph F. Coradino, CEO of PREIT. “This commitment has been evident in our disposition program as well as our remerchandising and redevelopment successes and has resulted in improved operating results including strong renewal spreads, margin improvement and same store NOI growth.”
Washington Crown Center, at 1500 W. Chestnut St., Washington, PA, is anchored by Bon-Ton, Macy's, Gander Mountain and Sears. As of June 30, 2016, the property generated sales per square foot of $313 and non-anchor occupancy of 87.4 percent.
In its sales of underperformers, PREIT says it has generated proceeds in excess of $660 million and the elimination of less-successful malls has driven its sales metrics to new levels, reaching $460 per square foot excluding Washington Crown Center.
PREIT is also trying to sell the Beaver Valley Mall, 570 Beaver Valley Mall Blvd., Monaca, PA, as part of its portfolio optimization plan. That property is about 32 miles northwest of Pittsburgh.
WASHINGTON, PA—PREIT says it sold its Washington Crown Center mall in Washington, PA, about 30 miles southwest of Pittsburgh, as part of its continuing divestitures of underperforming properties. The property was sold for $20 million.
“We remain committed to crafting a strong portfolio of assets that are well-positioned for the future,” says Joseph F. Coradino, CEO of PREIT. “This commitment has been evident in our disposition program as well as our remerchandising and redevelopment successes and has resulted in improved operating results including strong renewal spreads, margin improvement and same store NOI growth.”
Washington Crown Center, at 1500 W. Chestnut St., Washington, PA, is anchored by Bon-Ton, Macy's, Gander Mountain and Sears. As of June 30, 2016, the property generated sales per square foot of $313 and non-anchor occupancy of 87.4 percent.
In its sales of underperformers, PREIT says it has generated proceeds in excess of $660 million and the elimination of less-successful malls has driven its sales metrics to new levels, reaching $460 per square foot excluding Washington Crown Center.
PREIT is also trying to sell the Beaver Valley Mall, 570 Beaver Valley Mall Blvd., Monaca, PA, as part of its portfolio optimization plan. That property is about 32 miles northwest of Pittsburgh.
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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].
