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PREIT plans to sell Bon-Ton anchor pad

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Pennsylvania Real Estate Investment Trust of Philadelphia said it entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem connected to Westgate Mall.

The transaction should close in December, said Heather Crowell, vice president of corporate communications and investor relations for PREIT.

For its protection, PREIT could not disclose the buyer or cost of the sale until after the transaction closes, she said.

“We’ve been disposing of our noncore assets to focus on the mall portfolio,” Crowell said.

PREIT sold the Phillipsburg Mall to a New York firm in early 2013 and South Mall in Salisbury Township earlier this year.

The Bon-Ton anchor pad is a ground lease where tenants lease space from PREIT, which owns a parcel connected to the mall, Crowell said.

“Bob-Ton is expected to continue to operate,” she said.

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Brian Pedersen

Brian Pedersen

Reporter Brian Pedersen covers construction, development, warehousing and real estate and keeps you up to date on the changing landscape of our community. He can be reached at brianp@lvb.com or 610-807-9619, ext. 108. Follow him on Twitter @BrianLehigh and read his blog, “Can You Dig It,” at http://www.lvb.com/section/can-you-dig-it.

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