A company that invests in local shopping malls has one less mall in its portfolio.

Pennsylvania Real Estate Investment Trust -- PREIT has sold the Phillipsburg Mall to Mason Asset Management for $11.5-million.

Mason is headquartered in Great Neck, New York.

PREIT says it feels there are more strategic uses for its capital.

It also wanted to elevate the quality of its portfolio.

The Philadelphia firm invests in more than three dozen shopping malls.

It owns the South Mall, the Palmer Park Mall and half of the Lehigh Valley and Whitehall Malls.