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… Read more »
MOORESTOWN – The former owner of Forman Mills has opened a discount store in an anchor location at Moorestown Mall. Rick Forman on Thursday debuted the third and largest outlet for his new concept, Turn 7, at the former site of a Lord + Taylor department store. The opening came as the shopping center’s owner, Philadelphia-based… Read more »
