Shopping mall property being bought up
8/7/2016 | Real Estate Blog
The commercial real estate landscape in Pennsylvania is experiencing some major movement in recent months. The Washington Crown Center mall south of Pittsburgh is under an agreement to be sold by Pennsylvania Real Estate Investment Trust, who is also seeking a buyer for another western Pennsylvania commercial property, the Beaver Valley Mall.
Pennsylvania Real Estate Investment Trust, a Philadelphia-based commercial property developer, has received a nonrefundable deposit to move forward with the sale of the Washington Crown Center, but there are still many contingencies to be worked through in order to complete the transfer. The company has stated that they believe the deal will be completed near the end of September.
The Beaver Valley Mall property is still unclaimed by a buyer, but the developers feel confident that this is just a matter of time. The recent announcement by Royal Dutch Shell of a planned petrochemical plant nearby to Beaver Valley Mall has prompted many in both commercial and residential real estate to expect a significant boost to the economy of the region, reinvigorating the market for home buying and brick-and-mortar business locations. Pennsylvania Real Estate Investment Trust is also currently working through the finer points of an agreement to sell an office building in the Voorhies Town Center, which it retained after selling the South Jersey shopping complex in 2015.
Knowing when it is the right time to buy or sell a piece of commercial property is tricky business. An experienced commercial real estate attorney will guide anyone through the complex process to ensure that the rights of those involved are protected while achieving the most equitable outcome.