Paul Schwedelson Reporter - Philadelphia Business Journal
The Whole Foods Market at Plymouth Meeting Mall.
PREIT has sold a Whole Foods-leased parcel at Plymouth Meeting Mall for $27 million, part of the Philadelphia real estate investment trust's ongoing plan to raise capital.
The buyer was Agree Realty (NYSE: ADC), a REIT based in Bloomfield Hills, Michigan.
Since the beginning of 2022, PREIT has sold assets generating $141 million. Asset sales and excess cash from operations went toward paying down $184 million in debt in 2022.
Philadelphia-based PREIT (OTCMKTS: PRET) reported a net loss of $71.3 million in the third quarter of 2022 and was delisted from the New York Stock Exchange in December. The company has said it will explore its options, including positioning itself to become more attractive to another company for a potential merger.
The 65,000-square-foot Whole Foods at the Plymouth Meeting Mall opened in 2010 and the grocer has a long-term lease on the property. PREIT will continue to own the rest of the mall outside of the Whole Foods site at 500 W. Germantonwn Pike.
Agree Realty owns and operates 1,839 properties in all 48 states, containing about 38 million square feet of gross leasable space, as of December. Agree owns more than 50 properties in New Jersey and about 75 properties in Pennsylvania. The properties include a variety of retail stores like Dollar General, Home Depot, AutoZone and stores with smaller footprints like CVS and Wawa.
Full story: https://tinyurl.com/bdzhm629
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