Two malls in Western Pennsylvania were put up for sale by their Philadelphia-based owner as part of its strategy to sell lower-performing properties and improve returns.
Pennsylvania Real Estate Investment Trust said Monday that Uniontown Mall in Fayette County and Washington Crown Center mall in Washington County are among five shopping properties it will try to sell this year.
“I’m a little surprised,” said Jeff Kotula, president of the Washington County Chamber of Commerce, who lives nearby. “Over the past year, the Washington Crown Center has done a lot of upgrades, adding a Marshall’s, Ross and Ulta. From what I’ve seen, they’ve been investing in that mall. The improvements make it very attractive, in my opinion.”
The company said it sold eight properties in other areas in 2014 for a total of $191.7 million. It has sold interests in 16 properties for more than $424 million since its portfolio review began in 2012.