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PREIT sale of Chambersburg Mall completed for $8.8 million

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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.

Shares of Pennsylvania Real Estate Investment Trust are traded on the New York Stock Exchange under the ticker symbol PEI.

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