Wednesday, June 1, 2022

PREIT Completes Land Parcel Sales Totaling $35M

 By Ingrid Tunberg

PREIT has agreed to sell 11 outparcels and a vacant hotel land parcel for a total of $35 million.

The sale of the 11 outparcels will generate more than $32 million in gross proceeds for the firm.

The additional vacant parcel at Springfield Town Center in Springfield, VA sold for $2.5 million and will be developed into a hotel site. This transaction aligns with publicly-traded REIT’s mission to deliver one-stop destinations in its communities.

The firm expects the outparcel transactions to close in multiple phases, primarily before June 30, 2022. The hotel parcel transaction is expected close in Q4 2022.

The deals are included in the firm’s asset sale pipeline, which was presented in the REIT’s Q1 2022 earnings release earlier in May, and includes $275 million of in-process transactions.

“Our plan to raise capital is materializing as a result of a portfolio that is thriving due to our efforts to bring in dynamic and compelling uses and our optimally-located platform,” states Joseph F. Coradino, chairman and CEO of PREIT. “We have a clear mandate to raise capital and improve our balance sheet and we are unwavering in our commitment to generate results. As new opportunities continue to arise, we are confident we can strategically harvest value from our portfolio to reduce debt.”

By June 30, 2022, PREIT expects to close on asset sales totaling $109 million in gross proceeds.

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