Pennsylvania Real Estate Investment Trust has a deal to sell three of its malls to an undisclosed institutional buyer for $95.4 million as it continues to transition itself into an owner of high-end retail properties.
The properties are: Gadsden Mall in Gadsden, Ala., Wiregrass Commons Mall in Dothan, Ala., and New River Valley Mall in Christiansburg, Va. These malls have sales between $279 and $310 a square foot and are below the more than $400 a square foot average that PREIT now has at its premier properties.
Once this portfolio sells, it will mean PREIT has unloaded a total of 10 of its malls and has plans to sell two more properties that it has determined are non-core.
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