Thursday, July 9, 2015

PREIT Completes Sale of Springfield Park in Springfield, PA

by Steve Lubetkin,
As part of its ongoing portfolio repositioning, Pennsylvania Real Estate Investment Trust has sold its 50 percent interest in Springfield Park, an open air center located in Springfield, PA, for $20.2 million.

The sale continues a PREIT program aimed at repositioning its investments into a portfolio of high-quality enclosed malls. The program has raised $440 million in gross proceeds so far, PREIT says.

Springfield Park is a 287,000 square foot open air center located in suburban Philadephia, anchored by Target and Bed, Bath and Beyond.

"This transaction marks another step in our portfolio transformation as we look to recycle capital into creating value in our high-quality mall portfolio," says Joseph F. Coradino, CEO of PREIT. "We have made meaningful strides in reconstituting and elevating PREIT's portfolio quality while improving our balance sheet and will continue to opportunistically dispose of assets that aren't core to our transformed portfolio."

As previously reported by, PREIT sold its Nittany and North Hanover Malls in September 2014; its 50 percent interest in Whitehall Mall in Allentown, PA in December; and has announced plans to divest Palmer Park Mall in Easton, PA; Uniontown Mall in Uniontown, PA; Lycoming Mall in Williamsport, PA; and Washington Crown Center in Washington, PA

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