PHILADELPHIA -- The sale of the Shenango Valley Mall, Hermitage, Pa., and five other shopping malls by Pennsylvania Real Estate Investment Trust has been completed, officials announced earlier today. The five properties were sold to Lightstone Real Estate Partners LLC for a price of approximately $110.7 million.The company does not expect to record a gain or loss from the sale, officials said. The net cash proceeds from the sale of the malls were approximately $108.5 million after closing costs and adjustments and were used to pay down the company's line of credit. The outstanding balance under the company's line of credit after this transaction is approximately $112 million, officials said.The five malls, totaling 2.6 million square feet, were among six malls identified as non-core assets at the time of the merger with Crown American Realty Trust in 2003. In addition to the Shenango Valley Mall, the malls sold include Bradley Square Mall in Cleveland, Tenn.; Martinsburg Mall in Martinsburg, W.Va.; Mount Berry Square Mall in Rome, Ga.; and West Manchester Mall in York, Pa. The sixth non-core mall, Schuylkill Mall in Frackville, Pennsylvania, will continue to be held for sale by the company, officials said.For the 12 months ended June 30, the average in-line sales of the five malls were $243 per square foot, which was $80 per square foot below the average in-line sales for the real estate trust's other malls for that period, officials said.Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the United States, has a primary investment focus on retail shopping malls and power centers (approximately 31 million square feet) located in the eastern United States.Visit Pennsylvania Real Estate Investment Trust: www.preit.com "