PREIT sells Altoona mall for $33 million
PREIT, which has long been pursuing a strategy of unloading underperforming malls from its portfolio, announced it has sold the Logan Valley Mall for $33.2 million net of credits issued to the buyer. The new owner’s identity was not released.
The Altoona, Pennsylvania, mall -- anchored by Macy's, J.C. Penney and Sears -- had been turning in sales-per-square-foot of $324 versus an average of $475 for the rest of the PREIT portfolio.
"This transaction marks another key step in our capital and portfolio improvement plans," said CEO Joseph Coradino. "We are intently focused on being in tune with the future of retailing by curating a portfolio that continues to lead the way with a new and diversified tenant mix leading to earnings growth and driving shareholder value."
Whoever the new owner is gets a mall that appears to continue to be a lively player in a tertiary market, according to Yelp reviewers.
“If this mall wasn't destroyed by fire so many years ago, it wouldn't be what it is today,” wrote one. “You do have your 'high end' type of stores here where you can't find ones identical to them until you head about 50 miles in any direction.”
Wrote another: "I live in Pittsburgh now -- the north hills to be more specific. I never thought that I would say that I miss the mall from back home! The Logan Valley Mall has everything you want and at affordable prices.”
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