PREIT sale of Chambersburg Mall completed for $8.8 million
Philadelphia-based Pennsylvania Real Estate Investment Trust said today it has completed the sale of the Chambersburg Mall in Franklin County for $8.8 million.
The firm said sales per square foot and non-anchor occupancy were below the PREIT mall portfolio averages, according to a news release.
CEO Joseph F. Coradino said in a statement that the mall has been “among our weakest performing properties.”
Sale proceeds, which were net of closing costs, settlement pro-rations and credits, were about $8.4 million.
PREIT said earlier this fall as part of earnings statements that the property and the North Hanover Mall in York County were under contract for sale.