Pennsylvania REIT completes sale of two power center properties for $87.3M Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties in conjunction with the Company's strategic plan to dispose of non- core properties in order to strengthen its balance sheet by reducing debt. In two separate transactions, the sales of Christiana Center in Newark, Delaware and Commons at Magnolia in Florence, South Carolina generated combined sales proceeds of $87.3M and represent a blended cap rate of 6.8% and gains on sales totaling approximately $45.4M. In connection with these transactions, the buyer assumed the $49.2M mortgage loan secured by Christiana Center. The Company intends to use the proceeds to make further reductions in debt and for general corporate purposes.
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