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PREIT completes sale of Chambersburg Mall


Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sale of Chambersburg Mall in Chambersburg, Pa., for $8.8 million.The sale marks another step in PREIT’s continuing effort to improve the quality of its portfolio through the sale of non-core assets. Net proceeds from the transaction totaled approximately $8.4 million.

J.C. Penney, Sears, Bon Ton and Burlington Coat Factory anchor the 455,000-sq.-ft. mall. Sales perk sq. ft. of $235 and non-anchor occupancy of 76.2% measured well below the PREIT mall portfolio average of $381 per sq. ft. in sales and a 90.3% occupancy rate.

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