PREIT Puts Another Property Up For Sale

Avatar
By

Exton Square Mall’s parent company, Pennsylvania Real Estate Investment Trust (PREIT), continues to shave its portfolio in favor of preferred properties.

PREIT says it is selling its remaining parcel at Plaza at Magnolia, a center originally developed by PREIT adjacent to its Magnolia Mall in Florence, S.C.  The transaction is expected to close during the fourth quarter of 2014.

The parcel contains a Firehouse Subs eatery and an AT&T store.  PREIT previously sold the other parcels in this center along with the adjacent Power Center in 2013.

“Our success in disposing of non-core assets continues with this announcement,” said Joseph F. Coradino, CEO.  “We remain focused on raising capital through assets sales and reallocating our resources toward our higher-quality mall properties that represent tremendous opportunities for growth.”

Coradino said PREIT’s re-shaped portfolio should deliver improved metrics and  shareholder returns.

Local shoppers and community organizations will likely root for PREIT to keep popular Exton Square in its portfolio.

The Chester County Art Association has ongoing shows by local and regional artists and a wide range of artwork for purchase.  Artists also conduct art classes each Wednesday, Thursday and Saturday at the bargain price of $1 per participant.  The studio is on the first floor between Boscov’s and H&M.

A pumpkin carving class is set for 5 to 8 p.m. Thursday, Oct. 9.  The event calendar may be found here.

 

Advertisement