PREIT, which agreed in the first quarter of the year to sell Exton Square Mall to Brandywine Realty Trust, has made progress on its debt payments with $35 million in land sales, writes Matthew Rothstein for Bisnow.
The Philadelphia-based PREIT signed agreements to sell 11 outparcels at its properties for $32.5 million. There is also a separate agreement to sell land at the Springfield Town Center in Virginia slated for a hotel development for $2.5 million.
The sale of the Springfield Town Center site is expected to close in December, while the sales of the 11 parcels will close in a staggered fashion, starting from the end of this month.
PREIT also has several pending sales, including an additional parcel at Springfield Town Center and a Moorestown Mall outparcel in South Jersey.
Sales of land surrounding its malls represent the linchpin of PREIT’s dual strategies to generate cash to pay off its debts while also making its malls mixed-use through the construction of multifamily and hotel properties on the sold land.
Read more about PREIT at Bisnow.
