Pennsylvania Real Estate Investment Trust has sold its Beaver Valley Mall in Western Pennsylvania for $24.2 million, the company said in a release on Tuesday.
The transaction marks the end of PREIT's campaign of mall sales aimed at unloading non-core properties, the company said. Also sold was the Crossroads Mall in Beckley, W. Va., for $24.8 million.
The shopping centers were acquired by Namdar Realty Group of Great Neck, N.Y., which earlier purchased PREIT's Voorhees Town Center and Phillipsburg Mall properties in New Jersey, Heather Crowell, a spokeswoman for the Philadelphia-based real estate trust, said in a phone interview.
PREIT -- owner of the Gallery at Market East, Cherry Hill and Willow Grove Park malls, among others -- began marketing the Beaver Valley property in Monaca, Pa., last year, after Royal Dutch Shell announced that it planned to build a petrochemical plant nearby, an expected boon to the local economy.
Sixteen "lower productivity" malls and other non-core properties have been sold since January 2013, generating $720 million in gross proceeds, PREIT said in its news release.