PREIT eyes sales of western Pa. malls
Pennsylvania Real Estate Investment Trust is under agreement to sell Washington Crown Center mall south of Pittsburgh and will seek a buyer for another western Pennsylvania property, Beaver Valley Mall.
Pennsylvania Real Estate Investment Trust is under agreement to sell Washington Crown Center mall south of Pittsburgh and will seek a buyer for another western Pennsylvania property, Beaver Valley Mall.
PREIT has received a non-refundable deposit for Washington Crown Center, the sale of which is expected to close by the end of September, the Philadelphia-based mall developer said in a release on Monday.
The company said that it had decided to sell Beaver Valley Mall after Royal Dutch Shell's recent announcement that it will proceed with plans for a petrochemical plant nearby that is expected to be a boon to the economy there.
PREIT also said it is under agreement to sell an office building it had retained at Voorhees Town Center when it sold the rest of the South Jersey mall last year.
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