May 3, 2016
Matthews Real Estate Advisors represented seller Pennsylvania Real Estate Investment Trust (PREIT) in disposing of Lycoming Mall, an 806,788-square-foot retail center in Pennsdale, PA. Buyer Cohen Asset Management paid $26.4 million for the 96%-occupied mall.
The mall at 300 Lycoming Mall Circle is anchored by retailers including Macy’s, Sears, J.C.Penney, Dick’s Sporting Goods and Burlington Coat Factory. Lycoming Mall’s sale is part of PREIT’s push to unload non-core assets; the same signifies the REIT’s near completion of its strategy to reduce debt, improve portfolio quality and boost operating results. El Warner and Patrick Toomey with Matthews Retail helped broker the transaction.