Philadelphia — Philadelphia-based PREIT (NYSE: PEI) has announced the sale of four malls for an aggregate price of $92.4 million.
Dispositions include the $26.4 million sale of Lycoming Mall in Pennsdale, Pennsylvania, and a portfolio of three malls located in Alabama and Virginia for $66 million. The portfolio includes Gadsden Mall in Gadsden, Alabama; New River Valley Mall in Christiansburg, Virginia; and Wiregrass Commons Mall in Dothan, Alabama.
In November 2012, the company communicated its plan to reshape its portfolio by disposing of non-core properties, including its lower-productivity malls. Since that time, the company has sold 13 lower-productivity malls, as well as several power centers and land parcels, for gross proceeds of approximately $600 million.