Philadelphia-based mall owner Pennsylvania Real Estate Investment Trust has completed the sale of the Phillipsburg Mall in New Jersey for $11.5 million.
The company (NYSE:PEI), which owns the Gallery in Philadelphia, Willow Grove Park and other area shopping centers, said the sale was part of its strategy to jettison noncore sites. It said the average sales at Phillipsburg were "$235 per square foot and non-anchor occupancy was 66.1 percent as of September 30, 2012, which compare to PREIT’s portfolio averages of $379 per square foot and 89.1 percent."
It didn't identify the buyer.
Full story: http://tinyurl.com/akhtu45
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