The mall is among five it has offered for sale, President and Chief Operating Officer Edward Glickman said during an earnings conference call last month.

As of Glickman's statements on April 24, the firm had not entered into any transactions on the properties.

The company is focused on leverage reduction, and one way to do that is through selling nonstrategic assets, Glickman said.

PREIT was founded in 1960 and has a primary investment focus on retail shopping malls, according to its website. Shares are traded on the New York Stock Exchange under the ticker symbol PEI.