PREIT Sells Whole Foods Parcel for $27M

PREIT sold its Whole Foods parcel at Plymouth Meeting Mall for $27 million as part of its capital raising initiative. The proceeds from the transaction will be used to reduce debt and improve PREIT’s balance sheet.

The sale of the Whole Foods parcel, located in in Plymouth Township, Penn., is part of PREIT’s strategy to sell off noncore assets. Since the beginning of 2022, the company sold assets generating just over $141 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $184 million through December 31, 2022.