Pennsylvania Real Estate Investment Trust in Philadelphia today announced the sale of its 50 percent interest in the Whitehall Mall.
The sale was part of a $25 million aggregate transaction that included other outparcel properties adjacent to PREIT’s Magnolia and Francis Scott Key malls in South Carolina and Maryland, respectively. Since 2012, the company has sold 15 assets, generating total proceeds of approximately $420 million.
The Whitehall Mall, on the northeast corner of Grape Street and MacArthur Road in Whitehall, was previously owned in a joint venture between PREIT and Washington Prime Group of Maryland, subsequent to its spinoff from Simon Property Group.
“We remain on track in executing our ongoing disposition program, and today’s announcement demonstrates the progress we are making,” said Joseph Coradino, CEO of PREIT.
Whitehall Mall opened in 1966 as the first enclosed shopping center north of Philadelphia, and its popularity led to the rise of a sprawling retail district along MacArthur Road that continued to expand into the early 1990s.
Current major retailers in the mall include Sears, Bed Bath and Beyond and Kohl’s.
Other anchor stores – throughout the mall’s history – included Leh’s, Plaza Theatre, Weis Markets, Woolworth’s and Zollinger’s. In 1998, the mall underwent extensive renovations.
Headquartered in Philadelphia, PREIT is a real estate investment trust specializing in the ownership and management of retail shopping malls. Founded in 1960, the company owns and operates more than 29 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the mid-Atlantic region and greater Philadelphia.