Two mall locations are on sale in New Jersey and Philadelphia. The environmental factor with Shell Oil moving in the vicinity may be one of the non disclosed...
Malls for Sale in Philadelphia New Jersey
Two mall locations are on sale in New Jersey and Philadelphia. The environmental factor with Shell Oil moving in the vicinity may be one of the non disclosed reasons the shopping malls are going up for sale. Speculators and commercial real estate buyers need to look into the environmental issues, laws and factors in any real estate purchase. The property owners PREIT, has purchased and sold commercial real estate and made over $645 million in realty circa 2012.
Typically we see these types of things in gas station loans and providing financing for apartments or multifamily building that are in environmentally challenged areas (Fresno Sacramento Bakersfield) but this is a first to us in terms of a whole shopping mall. Read more below from the Bucks County Courier Times..
PREIT, the Philadelphia-based mall owner whose properties include the Willow Grove Park Mall, announced Monday the sale of two properties in Pennsylvania and New Jersey.
The company said it has executed agreements of sale and received non-refundable deposits for the Washington Crown Center in Washington County, just outside Pittsburgh, and an office building at Voorhees Town Center in New Jersey. The sales are expected to close in the third quarter. Financial details were not disclosed.
PREIT also said it’s shopping around for a buyer for Beaver Valley Mall in Beaver County, following news that Shell Chemical was moving forward with the development of a multi-billion dollar petrochemical complex near the mall. PREIT has said it supports the project, which is expected to bring several thousand jobs to the region.
Since 2012, PREIT has generated more than $645 million in proceeds by selling non-core properties and focusing its efforts on high-value malls such as Willow Grove and, in New Jersey, the Cherry Hill Mall, one of its most successful properties.