Logan Valley Mall has been sold

ALTOONA – The Logan Valley Mall is about to get a new owner.

Pennsylvania Real Estate Investment Trust announced in a news that, "A purchase and sale agreement has been executed with a significant non-refundable deposit and closing anticipated during the third quarter.”

PREIT did not reveal the buyer or the purchase price for the mall.

Officials said it is one of three transactions that will net approximately $75 million toward the company’s outlined capital plan.

“This is another example of our ability to execute in a challenging environment. This is a critical step in the further transformation of PREIT into a top-tier mall company,” CEO Joseph F. Coradino said.

“As the retail industry evolves, there are many opportunities to improve the shopping environment and raising capital through the sale of non-core properties, provides the perfect vehicle for creating value for our shareholders.”

ncG1vNJzZmivmpawtcKNnKamZ56axLR7y6iamqRfobyorc1mrZqknJrGbrnApaNmoJGoeqOxxKdkrKecmQ%3D%3D