Aug
17
PREIT Completes $20M Sale of Pittsburgh Retail Center
ByThe Philadelphia-based REIT is moving forward with its portfolio optimization efforts.
Washington Crown Center
Pittsburgh—PREIT has completed the sale of Washington Crown Center, a 676,136-square-foot regional retail center located in Washington, Pa., for $20 million. According to the Pittsburgh Business Times, the asset was acquired by New York-based mall owner Kohan Retail Investment Group.
Formerly known as the Franklin Mall, Washington Crown Center is located just outside the city of Washington and south of Pittsburgh. The center is anchored by Bon-Ton, Macy’s, Gander Mountain and Sears. According to PREIT, the asset generated sales per square foot of $313 and boasted non-anchor occupancy of 87.4 percent as of June 30, 2016….
