Owner looking to sell Lycoming Mall
Pennsylvania Real Estate Investment Trust (PREIT) announced Monday that the Lycoming Mall is among five commercial properties throughout the state it will seek to sell this year.
Plans to divest PREIT of what officials refer to as “non-core properties to improve overall portfolio quality” began in 2012.
Since that time, PREIT has sold interests in 16 properties for more than $420 million, including the Nittany Mall near State College.
The Lycoming Mall is being targeted for sale along with four other PREIT holdings in the state – Uniontown Mall, Uniontown; Palmer Park Mall, Easton; Washington Crown Center, Washington; and Springfield Park, Springfield.
“Yes, it is up for sale,” said Lycoming Mall Manager Bryan Hovancik.
Hovancik declined further comment.
Headquartered in Philadelphia, PREIT operates 29 million square feet of space in properties in 12 states of the eastern U.S with a concentration in the Mid-Atlantic region.
“PREIT has an outstanding portfolio of premier assets, supported by a healthy and flexible balance sheet, and we continue to unlock the value inherent in the company for the benefit of our investors,” said PREIT CEO Joseph F. Coradino. “We continue to be extremely effective in executing on our ongoing disposition program as demonstrated by the number of dispositions we completed in 2014. Through our disciplined and strategic disposition program, we are transforming our portfolio and enhancing value for shareholders as evidenced by the more than 28 percent return our investors enjoyed in 2014. By proactively marketing additional assets for sale in 2015, we are confident that we are taking the right steps to continue a portfolio transformation that will set us apart from our peers while generating significant proceeds to further upgrade our core, high-quality properties.”
Williamsport/Lycoming Chamber of Commerce President Vincent Matteo said he’d heard rumors in 2014 of Lycoming Mall possibly being put up for sale.
He noted PREIT’s track record of successfully selling shopping malls.
“Businesses are sold all the time,” he said. “Hopefully, it will end up being a positive thing.”
Located at 300 Lycoming Mall Circle in Pennsdale, the mall has more than 80 specialty stores and several department stores including Macy’s, Sears and JCPenney.