LOS ANGELES, Calif. – April 29, 2016 – Matthews Retail Advisors™ has arranged the sale of Lycoming Mall in Pennsdale, PA for $26.4 million. The transaction was led by El Warner, National Director, and Patrick Toomey, Senior Director, who oversee the company’s Shopping Centers Division. Warner and Toomey represented the seller, Pennsylvania Real Estate Investment Trust (PREIT), who is in the process of unloading its 13 worst-performing assets. The buyer, Kohen Asset Management, is a privately held, New York based investment company that specializes in the acquisition and management of B & C malls across the United States. The transaction closed as originally negotiated within 30 days.
The 96% leased mall is an 806,788 square-foot asset anchored by a total of 85 retailers including Macy’s, Sears, J.C. Penney, the Bon Ton, Dick’s Sporting Goods, and Burlington Coat Factory. The sale of Lycoming is in accordance with PREITs push to unload assets that no longer represent the company’s core investment strategy, thus allowing PREIT to reinvest in higher performing assets. The disposition of Lycoming Mall signifies the near completion of the company’s strategy to reduce debt, improve portfolio quality and drive operating results.
“The Matthews Real Estate Investment Services team provided PREIT with an outstanding level of service in the disposition of Lycoming Mall, a critical transaction in our portfolio repositioning initiative,” explains Mario Ventresca of PREIT. “From the early stages of the marketing effort through to closing, they worked tirelessly to ensure that our deal was executed in a flawless manner. Their team of professionals stepped up with energy and determination, helping us move this difficult transaction across the goal line.”
Warner and Toomey, who represent approximately 40% of the market of non-core dispositions for institutional investors, currently have nearly 50 publically marketed or off-market non-core assets for institutional and public companies. Lycoming Mall marks their 118th non-core sale in the past 36 months.
Matthews Retail Advisors is a market leader in shopping center and triple-net properties. For more information regarding this transaction, contact Stacey Rogers at (310) 995-1774 or via email at [email protected].
About Matthews Real Estate Investment Services
Matthews Real Estate Investment Services™ is the nation’s fastest-growing brokerage firm, ranked #1 in annual retail sales and recognized as an industry leader in shopping center, NNN retail, multifamily, portfolio disposition and 1031 Exchange transactions. Defined by a culture of passion and innovation, clients experience unrivaled execution and an unprecedented level of teamwork. Matthews Real Estate Investment Services is comprised of specialized divisions including Matthews Retail Advisors™ and Matthews Multifamily Advisors™. Headed by Chairman and CEO, Kyle Matthews, the company is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. Learn more about www.matthews.com.
Contact: Stacey Rogers
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