PREIT SELLS TWO PENNSYVLANIA MALLS TOTALING $32.3M

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STATE COLLEGE AND HANOVER, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the sale of Nittany and North Hanover malls for a total of $32.3 million. Located in State College, the 534,000-square-foot Nittany Mall has sales of $243 per square foot and non-anchor occupancy of 70 percent as of June 2014. The 452,000-square-foot North Hanover Mall in Hanover has sales of $275 per square foot and non-anchor occupancy of 72.8 percent as of June 2014. Details of the transaction were not released.

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