PREIT Sells Two Centers for $87.3 Million

Newark, Del., and Florence, S.C. — The two properties include Christiana Center in Newark and Commons at Magnolia in Florence.

Newark, Del., and Florence, S.C. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has sold two power centers in Delaware and South Carolina for a combined total of $87.3 million. The properties include Christiana Center in Newark, about 13 miles southwest of Wilmington, Del., and Commons at Magnolia in Florence, S.C. The sales price represents an average cap rate of 6.8 percent and a profit of $45.4 million. PREIT intends to use the proceeds to make further reductions in debt and for general corporate purposes.