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PREIT continues portfolio-optimization moves

  • The company has agreement of sales in hand for Washington Crown Center in Washington, PA, along with an office building at Voorhees Town Center in South Jersey.
  • Washington Crown Center - anchored by Bon-Ton, Macy's, Gander Mountain, and Sears - generated sales per square foot of $318 and non-anchor occupancy of 87.9%.
  • PREIT (NYSE:PEI) has also decided to put Beaver Valley Mall on the block after Shell's decision to move forward with development of a multi-billion dollar petrochemcial complex right down the road. This move will bring thousands of jobs to the region, making it an ideal time to unload the property, according to PREIT management.

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Pennsylvania Real Estate Investment Trust