Details on the two properties sold follow:
- Beaver Valley Mall in Monaca, Pa., which is anchored by Boscov's, JC Penney and DICK's Sporting Goods was sold for $24.2 million.
- Crossroads Mall in Beckley, WV., which is anchored by Belk, DICK's Sporting Goods, JC Penney and Sears was sold for $24.8 million.
"We continue to believe that quality retail properties will be a critical consumer touchpoint in the omni-channel retail environment. Our disposition and remerchandising 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. "With this phase of our transformation behind us, we are now in a position to capitalize on our value-enhancing redevelopment, remerchandising and anchor replacement programs that we expect will lead us to $500 per square foot in sales, while delivering NOI and NAV growth and creating shareholder value."
PREIT (NYSE: PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's 25 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT's current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT's forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled "Item 1A. Risk Factors." PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
SVP, Corporate Communications and Investor Relations
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/preit-announces-sale-of-two-remaining-non-core-malls-300392254.html