PREIT Completes $20M Sale of Pittsburgh Retail Center

By Ioana Neamt

Washington Crown Center

Pittsburgh—PREIT has completed the sale of Washington Crown Center, a 676,136-square-foot regional retail center located in Washington, Pa., for $20 million. According to the Pittsburgh Business Times, the asset was acquired by New York-based mall owner Kohan Retail Investment Group.

Formerly known as the Franklin Mall, Washington Crown Center is located just outside the city of Washington and south of Pittsburgh. The center is anchored by Bon-Ton, Macy’s, Gander Mountain and Sears. According to PREIT, the asset generated sales per square foot of $313 and boasted non-anchor occupancy of 87.4 percent as of June 30, 2016.

“We remain committed to crafting a strong portfolio of assets that are well-positioned for the future,” Joseph Coradino, PREIT CEO, said in a statement. “This commitment has been evident in our disposition program as well as our remerchandising and redevelopment successes and has resulted in improved operating results including strong renewal spreads, margin improvement and same store NOI growth.”

PREIT is currently marketing the Beaver Valley Mall in Monaca, Pa., as part of the company’s continued portfolio optimization and capital allocation prioritization strategy. The Philadelphia-based REIT sold four more of its retail assets for roughly $92.4 million in April, as well as two downtown Philadelphia properties in June.

Image courtesy of Eddie Daniels via Google Maps