PREIT tidies up portfolio with sale of Washington Crown Center
Adhering to its company motto of “Quality Shopping Malls in Compelling Markets,” PREIT reached an agreement to sell the Washington Crown Center in Washington, Pennsylvania. At the same time, it announced it had put the Beaver Valley Mall up for sale.
In a press release, PREIT noted it had embarked on a portfolio optimization program focusing not just on new properties, but on new types of tenants that could fuel growth.
"We are looking toward our future with optimism as we continue to transform our platform with our fourteenth lower-productivity mall now under contract," said PREIT CEO Joseph Coradino, adding that the company’s chief priority is to improve operating capital that can be invested in “higher-quality assets that are expected to translate into superior risk-adjusted returns for our shareholders."
A recent announcement that Shell Chemical would build a petrochemical complex near the Beaver Valley property in Monaca, Pennsylvania, influenced PREIT to put it on the market with the thinking that several thousand new jobs in the area would maximize its value.
The 674,000-sq.-ft. Washington Crown Center — 25 miles south of Pittsburgh on I-70 — is anchored by Bon-Ton, Macy's, Gander Mountain, and Sears. The property generates sales per square foot of $318 and has a non-anchor occupancy of 88%.
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