PREIT (NYSE: PEI) announced it has completed the sale of Washington Crown Center in Washington, PA.  The property was sold for $20.0 million. 

“We remain committed to crafting a strong portfolio of assets that are well-positioned for the future,” said 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, located in 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%.

PREIT, through continued execution of its robust transformation agenda, has generated proceeds in excess of $660 million and has driven sales to new levels, reaching $460 per square foot excluding Washington Crown Center.

The Company is currently marketing Beaver Valley Mall, in Monaca, PA, as part of its continued portfolio optimization and capital allocation prioritization plan.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls.  Headquartered in Philadelphia, Pennsylvania, the company owns and operates over 25 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available at preit.com, on Twitter or LinkedIn.