PREIT Sells Crossroads Mall in West Virginia for $24.8M

by John Nelson

BECKLEY, W.VA. — PREIT has sold Crossroads Mall, an enclosed regional mall in Beckley, for $24.8 million. The mall’s tenant roster includes anchors Belk, Dick’s Sporting Goods, J.C. Penney and Sears, as well as tenants such as AT&T, Bath & Body Works, GameStop, Hallmark, Hot Topic, PetSmart, Victoria’s Secret and Zales. Since January 2013, PREIT has sold 16 lower productivity malls and other non-core properties, generating $720 million in gross proceeds. The company’s portfolio featured 27 Sears stores in 2012 but is now down to just 10 stores in its portfolio, following the sale of Crossroads Mall. The buyer was undisclosed.

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