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Glimcher Sells 241,000 SF Community Center

NEW YORK CITY-The Columbus, OH retail REIT unloads Georgesville Square community shopping center for $19.6 million. The buyer also assumes $15.9 million in mortgage debt on the property.

By Glen Thompson | Updated on March 11, 2002

NEW YORK CITY-Retail REIT Glimcher Realty trust has completed the sale of Georgesville Square, a 241,000-sf community shopping center located in Columbus, OH. The undisclosed buyer paid $19.6 million for the property in addition to assuming $15.9 million in debt. The fixed rate mortgage on the property carries an interest rate of 8.52%

Columbus-based Glimcher will use proceeds from the sale to pay down its floating rate bridge loan facility. The publicly traded REIT confirms for GlobeSt.com that it is in the process of marketing selected single-tenant and community center assets and currently is in discussion with several potential buyers but declines to offer specifics. “We only discuss them when we sell them,” says Glimcher executive vice president William G. Cornely.

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