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PREIT puts two malls on the market


PREIT’s mall-pruning program picked up during the retail real estate industry’s big RECon show.

As the show floor opened in Las Vegas, the Philadelphia-based company announced it had put up for sale Logan Valley Mall in Altoona, Pennsylvania, and Valley View Mall in LaCrosse, Wisconsin. PREIT reported it had received unsolicited interest in these properties and was willing to dispose of them to increase its cash position.

"To date, we have successfully sold 16 lower-productivity malls as part of our non-core property disposition program. With these additional dispositions, we are taking further action to strengthen our portfolio amid a challenging retail climate," said CEO Joe Coradino in a statement.

Disposing of these assets, the company estimates, will ratchet up its average portfolio-wide sales by $10 per square foot.
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