PREIT Sells Last 2 Non-Core Malls for $49M
- Jan 19, 2017
Pittsburgh and Beckley, W. Va.—PREIT has completed the sale of its two remaining non-core malls, Beaver Valley in Monaca, Pa., and Crossroads Mall in Beckley, W. Va., for a combined price of $49 million.
Beaver Valley, which is anchored by Boscov’s, JC Penney and Dick’s Sporting Goods, was sold for $24.2 million. Crossroads, anchored by Belk, Dick’s Sporting Goods, JC Penney and Sears, traded for $24.8 million.
Since 2013, the company has disposed of 16 lower productivity malls, as well as other non-core properties, generating $720 million in gross proceeds. The company has consolidated its operating footprint to core, highly populated markets, having exited smaller markets in West Virginia, Alabama, western Pennsylvania and Florida.
PREIT has also transformed its anchor store profile by reducing its count of certain department stores including Sears, going from 27 in 2012 to 10, and Macy’s, going from 24 in 2012 to 15 following the announcement of store closures.
“We continue to believe that quality retail properties will be a critical consumer touch point in the omni-channel retail environment. Our disposition and re-merchandising efforts put us well in front of the changing retail landscape culminating in a portfolio of properties that are extremely well-positioned in densely populated markets that is attractive to retailers,” said Joseph Coradino, CEO of PREIT, in prepared remarks.
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