PREIT has sold the Cumberland Mall in South Jersey to an undisclosed buyer for $45 million, an asset that it bought for $59.5 million in 2005.
The Philadelphia real estate investment trust said proceeds from the sale will allow it to pay off its $39 million mortgage on the Vineland mall. A PREIT (NYSE: PEI) spokesperson said the acquirer has previously purchased malls from the company.
The Cumberland Mall counts Boscov’s, Dick’s Sporting Goods, Petco, and Marshalls among its tenants.
PREIT also said on Wednesday it closed on the sale of several outparcels surrounding some of its malls.
Most of the parcels were sold to Four Corners Property Trust of California, according to a spokesperson. They include a Red Robin at Francis Scott Key Mall in Frederick, Maryland; a Chuck E. Cheese at Magnolia Mall in Florence, South Carolina; and three parcels at the Mall at Prince Georges in Maryland. A Sears in Moorestown was also sold to Bel Canto Asset Growth Fund to make way for a multifamily development.
*Article courtesy of Philadelphia Business Journal
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