Orlando Fashion Square has been sold to UP Development of Franklin, Tenn., for $35 million in cash.
Pennsylvania Real Estate Investment Trust announced late Tuesday that it had sold Fashion Square and will realize a $600,000 gain in the first quarter.
Sales at the retail property on East Colonial Drive in Orlando were $233 a square foot, and non-anchor occupancy was 80.7 percent as of Dec. 31. Both those figures were below PREIT’s portfolio averages.
The mall, near Orlando Executive Airport and Baldwin Park, has lost many of its chain stores, and many new tenants are small independents with high turnover.
UP Development’s other Orlando properties include Shoppes at Alafaya Trail and Millenia Plaza.