Daily News | Struggling Philly real estate owner PREIT sells another mall to pay down its debt
The Pennsylvania Real Estate Investment Trust has sold the Cumberland Mall in Vineland for $45 million. The mall operator did not disclose the buyer.Philly mall-operator Pennsylvania Real Estate Investment Trust has sold the Cumberland Mall in Vineland for $45 million, allowing it pay off the mall’s mortgage and put an additional $6 million toward reducing debt, the company said Wednesday. The buyer was not disclosed.
PREIT said Wednesday that the firm had paid down debt by $148 million, mostly through sales that include “out parcels” for other development. PREIT has faced maturing mall mortgages. According to the company’s regulatory filings, the mortgage on the Cumberland Mall was due in August. PREIT’s broad strategy is to pay down its mall mortgages and debt while also enhancing the quality of its malls, many of which have fallen out of favor with shoppers in this age of online commerce.
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