NEW JERSEY—Pennsylvania Real Estate Investment Trust (PREIT) has completed the disposition of Phillipsburg Mall in Phillipsburg, N.J. for $11.5 million. Mason Asset Management, based in Great Neck, N.Y. purchased the property, which contains 574,000 sq. ft.
Located in the Greater Lehigh Valley area, Phillipsburg Mall is anchored by Kohl’s, Sears, Bon Ton and JC Penney. The property was part of the collateral pool securing the company’s 2010 credit facility. As part of this transaction, the company paid approximately $16 million to release the lien on this property.
“Effectuating our disposition strategy is critical to achieving our overall objective to redefine PREIT, elevate our portfolio quality and improve our operating metrics,” said Joseph F. Coradino, CEO of PREIT. “The sale of Phillipsburg Mall is a critical achievement and we are pleased with the terms of the transaction as we feel there are more strategic uses for our capital at this time.”
