Monday, September 11, 2017

PREIT sold the Logan Valley Mall in Altoona, PA

by Steve Lubetkin,

PREIT sold the Logan Valley Mall in Altoona, PA for $33.2 million. Since January 2013, the Company has executed methodically on the sale of 17 lower productivity malls as well as other non-core properties, generating over $750 million in gross proceeds.  Logan Valley Mall is anchored by Macy’s, JC Penney and Sears and generated sales of $324 per square foot compared to PREIT’s portfolio average (excluding this property) of $475 per square foot as of June 30, 2016. Separately, PREIT says three new retailers have opened at Viewmont Mall in Scranton, PA, where the company recast its anchor mix to further diversify and enhance the shopper experience. DICK’S Sporting Goods, Field & Stream and HomeGoods have recently opened within the space formerly occupied by Sears and proactively recaptured by PREIT. Within 14 months of Sears’ closing, the opening of these popular new retailers demonstrates PREIT’s proficiency in identifying and securing quality and high performing replacement anchors.

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