The parent company of the Exton Square Mall – the Pennsylvania Real Estate Investment Trust – says it is working toward shaping a higher-quality portfolio.

PREIT just sold the South Mall in Allentown for $23.6 million and entered into an agreement of sale to shave from its portfolio the Nittany and North Hanover malls.

The trust is also changing the retail landscape of the city of Philadelphia. PREIT said current healthcare tenant Health Partners Plans Inc. (HPP) at the 907 Market Street building above The Gallery is expanding. The not-for-profit health insurance organization will expand its 140,000 square feet of office space by 70,000 square feet in early 2015.

PREIT announced in April that the region’s first Century 21 Department Store would open at The Gallery as part of the company’s much-anticipated redevelopment plans for the center.

In 2012 PREIT began focusing its lens high and cropping low as part of its portfolio reconstituting initiative. The company has strategically added properties to the list in a limited manner and found success in selling four non-core malls. In total, PREIT’s disposition program has generated more than $250 million since 2012. Proceeds from the South Mall transaction, net of closing costs, settlement pro-rations and credits, were approximately $23.1 million.

“The successful completion of the sale of South Mall, coupled with our agreement to sell Nittany and North Hanover Malls, is a significant step for PREIT,” said Joseph F. Coradino, CEO.

“We have made meaningful strides in reconstituting and elevating PREIT’s portfolio quality, particularly at a time when the market is inundated with lower quality assets for sale. With the near completion of our disposition program, we are keenly focused on successfully operating our higher-quality properties, which have the most potential for long-term value creation and strong operating results. I am confident that our shareholders will be pleased with the value proposition in PREIT’s higher-quality portfolio.”

As for the Exton Square Mall, it has a fast food eatery, Scotto’s Pizza, located in the Food Court and West Chester-based Dave Magrogan Group announced last week it would open a 230 seat, 6,000 sq. ft. restaurant in the mall in October.

The mall is keeping its profile high in the community and this summer is offering free Kids Klub events for children. The Juggling Hoffmans will perform July 8, and Let’s Play Today performs Aug. 12.

Check the mall website for times and locations.

Links:  www.extonsquare.com  www.preit.com