PREIT Sells Two Remaining Non-Core Malls for $49 Million

Monaca, Pa. and Beckley, W.Va. — PREIT has sold the company’s two remaining non-core malls in Pennsylvania and West Virginia for a combined total of $49 million.

Dispositions include Beaver Valley Mall in Monaca, Pennsylvania, for $24.2 million; and Crossroads Mall in Beckley, West Virginia, for $24.8 million. The buyers were undisclosed. Boscov’s, JC Penney and Dick’s Sporting Goods anchor Beaver Valley Mall. Belk, Dick’s Sporting Goods, JC Penney and Sears anchor Crossroads Mall.

Since January 2013, PREIT has sold 16 lower productivity malls and non-core properties, generating $720 million in gross proceeds.