Vornado Nets $465M In DC-Area Mall Sale

Law360, New York (March 3, 2014, 1:45 PM EST) -- Pennsylvania Real Estate Investment Trust announced Monday it will put up $465 million for Springfield Town Center, a 1.35 million-square-foot shopping center in Springfield, Va., from fellow REIT Vornado Realty Trust, after Vornado has finished redeveloping the property.

The mall, anchored by Macy's, Target and JCPenney stores, adds to Pennsylvania Real Estate Investment Trust's mid-Atlantic footprint and gives the company more of a presence in the Washington, D.C., metropolitan area. Springfield is 13 miles southwest of the nation's capital.

Per terms of the deal, upon completion of...
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