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PREIT completes sale of Uniontown Mall

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PHILADELPHIA – Pennsylvania Real Estate Investment Trust said Wednesday that it has completed the sale of Uniontown Mall for $23 million.

PREIT said in a news release that the buyer, which it did not disclose, also separately acquired the fee interest in the ground underlying the mall from an unaffiliated party.

PREIT said the completion of the sale represents continued progress on its commitment to elevating its portfolio by allocating capital toward high-quality enclosed malls.

PREIT announced earlier this year it also wants to sell Washington Crown Center in North Franklin Township. Uniontown Mall is anchored by JC Penney, Sears, Bon-Ton, Burlington Coat Factory and Teletech Customer Care.  Comparable sales per square foot as of June 30 were $282 compared to PREIT’s portfolio average of $418.

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