Reporting by Cherry Hill Patch Editor Bryan Littel
Pennsylvania Real Estate Investment Trust (PREIT), which bought both local malls in 2003, sold off smaller properties in Delaware and South Carolina as part of a move to dump “non-core properties,” PREIT officials said.
The sale of the Christiana Center in Newark, DE, and Commons at Magnolia in Florence, SC—both smaller strip malls adjacent to larger, enclosed malls—netted the company $87.3 million, officials said, and allowed it to offload a $49.2 million mortgage on the Delaware shopping center.
Combined with PREIT’s other moves, the two sales pushed the total debt cut from the company’s ledgers to $359 million this year, officials said.
The company paid off its mortgage on the Moorestown Mall in March, three months before the loan was set to mature.