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Glimcher Buys Out JV Partner at Two Malls

HOUSTON-Ohio-based REIT, Glimcher Realty Trust has made good on a plan to buy out its joint venture partner at the Northwest and Almeda Malls in Houston. The firm has paid $5.5 million in cash and is assuming a $34.9-million mortgage on the properties.

By Jennifer Brenner Andrade | Updated on November 20, 2002

HOUSTON-Another REIT has made a big move in Houston. Glimcher Realty Trust of Columbus, OH, has bought out joint venture partner Fifth Avenue LLC’s 80% ownership of Northwest and Almeda Malls for $5.5 million cash and assumption of a $34.9-million mortgage.

The loan, with an 8.5% interest rate, will mature in 2007.

Glimcher acquired 20% interest as well as the management assignment in the malls in March 1998 with a Japanese joint venture partner. Fifth Avenue LLC, which is comprised of Ellen Glimcher, the daughter of Herbert Glimcher, the chairman of the REIT’s board of trustees and CEO, and the sister of Michael P. Glimcher, the REIT’s president, acquired 80% interest from the Japanese investor two years ago.

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