is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets.
A portion of the loan proceeds will be used to repay the existing mortgage, which PREIT assumed in connection with the purchase of Cherry Hill Mall in 2003.
Robert McCadden, Chief Financial Officer of PREIT, commented, "The completion of both of these transactions will generate approximately $182 million of net proceeds to repay borrowings under our Credit Facility and will provide us with additional liquidity to fund investment opportunities and for other corporate purposes.
said that it leased 50,000 sq ft at Plymouth Meeting Mall located in the populated greater Philadelphia area northwest of the city at the confluence of three major arteries, the Pennsylvania Turnpike (I-276), its Northeast Extension and the Blue Route (I-476) in the fourth quarter of 2011.
Additionally, PMN's move to 801 Market Street will help the resurgence of Market East and PREIT
together with PMN will also transform the delivery of media by using the well-positioned building to provide up-to-the-minute news coverage and sports highlights through a dynamic digital messaging system.