PREIT Enters into Agreement to Sell Non-Core Anchor Pad
Philadelphia — Pennsylvania Real Estate Investment Trust has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania, contiguous to Westgate Mall.
The transaction is expected to close prior to the end of 2014.
"This transaction represents another step in our program of selling non-core assets and recycling the capital generated into more productive, higher-quality properties with stronger growth profiles," said Joseph F. Coradino, CEO of PREIT. "Over the past 20 months, we have sold or entered into contracts to sell 12 properties generating expected proceeds of approximately $400 million, including the joint venture interest in The Gallery."
Bayer Properties names senior VP development and construction
Birmingham, Alabama — Charles McNamee has joined Bayer Properties as senior VP of development and construction. McNamee most recently served as senior VP of commercial development and construction with Colonial Properties Trust.
In his position with Bayer, McNamee will be responsible for all aspects of development and construction, including oversight of both the Development and Tenant Coordination and Construction Departments.
RMC Property Group expands Florida retail portfolio
Tampa, Florida —RMC Property Group has been awarded the exclusive leasing and management assignment for The Promenade, located at 10330 North Dale Mabry Highway in Tampa.
The Promenade is a 29,984-sq.-ft. mixed-use property with 19,549 sq. ft. of ground floor retail and 10,435 sq. ft. of professional and office space on the second floor. Anchor tenants include International Diamond Center and Phoenix Home Care.
The property is owned by Invesco Tampa Corporation, which is based out of South Florida. The Promenade represents the fourth leasing and management assignment that RMC has been awarded by Invesco in the past year.