Philadelphia-based Pennsylvania Real Estate Investment Trust, owner of the Exton Square Mall, has announced the imminent sale of its Nittany and North Hanover Malls.

While PREIT did not disclose the buyer or purchase price, it did say a buyer has made a non-refundable deposit and that the sale should close by the end of the third quarter this year. PREIT has been trimming its portfolio to focus on its best assets.

Nittany Mall in State College is a 534,000- square-foot mall anchored by J.C. Penney, Sears, Bon Ton and Macy’s. Sales at Nittany Mall were $243 per square foot and non-anchor occupancy was 70 percent as of June 30.

North Hanover Mall in North Hanover is a 452,000- square- foot mall anchored by J.C. Penney, Sears, Dick’s Sporting Goods and a new Burlington Coat Factory. Sales at North Hanover Mall were $275 per square foot and non-anchor occupancy was 72.8 percent on June 30.  Both fall short of PREIT’s portfolio averages of $378 per square foot in sales and mall non-anchor occupancy of 89.5 percent.

“We are pleased with the progress we continue to make on the disposition of our non-core properties,” said Joseph F. Coradino, CEO of PREIT. “Transforming our portfolio has been a top priority for PREIT as we focus on delivering strong operating results and creating value at our higher-quality assets that is expected to translate into superior returns for our shareholders.”

PREIT is a real estate investment trust that owns and operates over 30 million square feet of space in properties in 12 states in the eastern half of the United States, most in the Mid-Atlantic region and Greater Philadelphia.