PREIT Sells Another Underperforming Center, This One in Washington, PA

Interior of Washington Crown Mall, Washington, PA

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.”