As part of its ongoing plan to raise capital, PREIT has sold the site currently leased by Whole Foods at Plymouth Meeting Mall for $27 million to Agree Realty, a Michigan-based REIT. Paul Schwedelson reported the transaction in the Philadelphia Business Journal.

Since the start of last year, PREIT has generated $141 million through asset sales. These funds, along with excess cash from operations, were used to pay down $184 million in debt in 2022.

The Philadelphia-based real estate investment trust reported a $71.3 million net loss in the third quarter of 2022. The company was delisted from the New York Stock Exchange in December.

PREIT is currently exploring its financial options, including a potential merger.

The 65,000-square-foot organic grocery store opened its doors at the Plymouth Meeting Mall in 2010. The commercial entity has a long-term lease on the site, which made it attractive for buyers.

PREIT will continue to own the rest of the Plymouth Meeting Mall, apart from the Whole Foods parcel at 500 W. Germantown Pike.

Read more about the sale in the Philadelphia Business Journal.

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Comedian Sebastian Maniscalco isn’t a Whole Foods fan, but his exaggerations about the chain are nonetheless funny.