Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties. In two separate transactions, PREIT sold Christiana Center in Newark, Del., and Commons at Magnolia in Florence, S.C. for $87.3 million. The proceeds represent a blended cap rate of 6.8%. Gains on the sales totaled approximately $45.4 million.
In connection with these transactions, the buyer assumed the $49.2 million mortgage loan secured by Christiana Center.
PREIT carried out the two sales in conjunction a strategic plan to dispose of non-core properties and reduce debt to strengthen its balance sheet. During 2013, non-core property sales have enabled the company to pay down $359 million in debt.