PREIT closes sale of Uniontown Mall

PREIT closes sale of Uniontown Mall.
PREIT closes sale of Uniontown Mall.

Pennsylvania Real Estate Investment Trust (PREIT) announced today from Philadelphia that it has completed the sale of Uniontown Mall in Uniontown, Pennsylvania, for $23 million, including transfer of an interest in the property’s underlying land.

The transaction, which included a fee interest in the ground located on the Uniontown site from a third party, represents the company’s ongoing progress in its commitment to portfolio improvement by designating investment in high-quality enclosed mall space.

"Finalizing this transaction is another step in PREIT's transformation," Joseph F. Coradino, CEO of PREIT, said. "Our transformed platform, which we anticipate will generate sales exceeding $450 per square foot, is expected to provide earnings stability and meaningful organic growth."

The retail complex in Fayette County is anchored by JC Penney, Sears, Bon-Ton, Burlington Coat Factory and Teletech Customer Care. Comparable sales per square foot as of June 30, 2015 were $282 compared to PREIT's portfolio average of $418.

Specializing in the ownership and management of differentiated retail shopping malls designed to complement their unique surrounding communities, PREIT was founded in 1960. Today, it manages over 27 million square feet of space in properties in 12 eastern states from its Philadelphia headquarters and is publicly traded on the NYSE under the symbol PEI.

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