{"id":1004164546,"date":"2017-01-19T04:44:47","date_gmt":"2017-01-19T12:44:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004164546"},"modified":"2022-12-08T18:53:35","modified_gmt":"2022-12-09T02:53:35","slug":"preit-sells-last-2-non-core-malls-for-49m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/","title":{"rendered":"PREIT Sells Last 2 Non-Core Malls for $49M"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004164547\" style=\"width: 353px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004164547\" data-attachment-id=\"1004164547\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/beaver-valley-mall-monaca-pa-ps\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg\" data-orig-size=\"800,500\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;IvyLee Rosario&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1484734632&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Beaver Valley Mall, Monaca, Pa.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Beaver Valley Mall, Monaca, Pa.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg?w=800\" class=\"wp-image-1004164547 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg\" alt=\"Beaver Valley Mall, Monaca, Pa.\" width=\"343\" height=\"215\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg?resize=300,188 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg?resize=768,480 768w\" sizes=\"auto, (max-width: 343px) 100vw, 343px\" \/><\/a><p id=\"caption-attachment-1004164547\" class=\"wp-caption-text\">Beaver Valley Mall, Monaca, Pa.<\/p><\/div>\n<p><strong>Pittsburgh and Beckley, W. Va.\u2014<\/strong>PREIT has\u00a0completed the sale of its two remaining non-core malls, Beaver Valley in Monaca, Pa., and Crossroads Mall in Beckley, W. Va., for a combined price of $49 million.<\/p>\n<p>Beaver Valley, which is anchored by Boscov&#8217;s, JC Penney and Dick&#8217;s Sporting Goods, was sold for $24.2 million. Crossroads, anchored by Belk, Dick&#8217;s Sporting Goods, JC Penney and Sears, traded\u00a0for $24.8 million.<\/p>\n<p>Since 2013, the company has disposed of\u00a016 lower productivity malls, as well as other non-core properties, generating $720 million in gross proceeds. The company has consolidated its operating footprint to core, highly populated markets, having exited smaller markets in West Virginia, Alabama, western Pennsylvania and Florida.<\/p>\n<p>PREIT has also transformed its anchor store profile by reducing its count of certain department stores including Sears, going from 27 in 2012 to 10, and Macy&#8217;s, going from 24 in 2012 to 15 following the announcement of store closures.<\/p>\n<p>&#8220;We continue to believe that quality retail properties will be a critical consumer touch point in the omni-channel retail environment. Our disposition and re-merchandising efforts put us well in front of the changing retail landscape culminating in a portfolio of properties that are extremely well-positioned in densely populated markets that is attractive to retailers,&#8221; said Joseph Coradino, CEO of PREIT, in prepared remarks.<\/p>\n<p><em>Image courtesy of Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since 2013, the company has disposed of 16 lower productivity malls, as well as other non-core properties, generating $720 million in gross proceeds.<\/p>\n","protected":false},"author":746,"featured_media":1004164547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,10,1602,21749],"tags":[33533,33548],"class_list":["post-1004164546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-northeast","category-pittsburgh","category-retail","tag-joseph-coradino","tag-preit"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PREIT Sells Last 2 Non-Core Malls for $49M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PREIT Sells Last 2 Non-Core Malls for $49M\" \/>\n<meta property=\"og:description\" content=\"Since 2013, the company has disposed of 16 lower productivity malls, as well as other non-core properties, generating $720 million in gross proceeds.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-19T12:44:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:53:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/\",\"name\":\"PREIT Sells Last 2 Non-Core Malls for $49M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg\",\"datePublished\":\"2017-01-19T12:44:47+00:00\",\"dateModified\":\"2022-12-09T02:53:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg\",\"width\":800,\"height\":500,\"caption\":\"Beaver Valley Mall, Monaca, Pa.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PREIT Sells Last 2 Non-Core Malls for $49M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\",\"name\":\"IvyLee Rosario\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"caption\":\"IvyLee Rosario\"},\"description\":\"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. Connect with her here\u2014Twitter: @IvyLeeRosario and LinkedIn: https:\/\/www.linkedin.com\/in\/ivyleerosario\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/ivyleerosario\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"PREIT Sells Last 2 Non-Core Malls for $49M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/","og_locale":"en_US","og_type":"article","og_title":"PREIT Sells Last 2 Non-Core Malls for $49M","og_description":"Since 2013, the company has disposed of 16 lower productivity malls, as well as other non-core properties, generating $720 million in gross proceeds.","og_url":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-01-19T12:44:47+00:00","article_modified_time":"2022-12-09T02:53:35+00:00","og_image":[{"width":800,"height":500,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg","type":"image\/jpeg"}],"author":"IvyLee Rosario","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/","url":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/","name":"PREIT Sells Last 2 Non-Core Malls for $49M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg","datePublished":"2017-01-19T12:44:47+00:00","dateModified":"2022-12-09T02:53:35+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg","width":800,"height":500,"caption":"Beaver Valley Mall, Monaca, Pa."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/preit-sells-last-2-non-core-malls-for-49m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"PREIT Sells Last 2 Non-Core Malls for $49M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780","name":"IvyLee Rosario","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67","caption":"IvyLee Rosario"},"description":"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. Connect with her here\u2014Twitter: @IvyLeeRosario and LinkedIn: https:\/\/www.linkedin.com\/in\/ivyleerosario\/","url":"https:\/\/www.commercialsearch.com\/news\/author\/ivyleerosario\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Beaver-Valley-Mall-Monaca-Pa.-PS.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004164546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/746"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004164546"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004164546\/revisions"}],"predecessor-version":[{"id":1004611003,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004164546\/revisions\/1004611003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004164547"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004164546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004164546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004164546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}