PREIT sells Whole Foods parcel for $27m
PREIT has sold its Whole Foods parcel at Plymouth Meeting Mall for $27 million as part of its capital-raising initiative. The proceeds from the transaction will be used to reduce debt and improve PREIT’s balance sheet.
The sale of the Whole Foods parcel in Meeting Mall, Pa., a suburb of Philadelphia, is part of PREIT’s multi-faceted strategy to harvest value efficiently from its portfolio. Since the beginning of 2022, the company sold assets generating slightly more than $141 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $184 million through December 31, 2022.
Whole Foods Market at Plymouth Meeting Mall features a Blue Route taco truck and rooftop patio, Cold Point Pub, a private event / meeting space, a parking garage featuring a cart escalator with direct access to Whole Foods Market and interior and exterior dining areas. The grocer executed a 20-year lease in 2009 and now has eight years of rem