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Owner announces sale of Chambersburg Mall - abc27 WHTM

Owner announces sale of Chambersburg Mall

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CHAMBERSBURG, Pa. (WHTM) -

The owner of the Chambersburg Mall announced Tuesday that it has sold the mall for $8.8 million.

Pennsylvania Real Estate Investment Trust did not provide the name of the buyer in a news release.

Joseph F. Coradino, CEO of PREIT, said in the statement that Chambersburg Mall has been among its weakest performing properties.

The company said sales at the mall of $235 per square foot and non-anchor occupancy of 76.2% as of September 30, 2013 were well below the PREIT mall portfolio average of $381 per square foot and 90.3%, respectively.

The company said the sale marks another step in its continuing efforts to improve the quality of its portfolio through the sale of non-core assets.

 

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