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Glimcher Fills Out Its Interest, Acquires in North Carolina Mall

CHARLOTTE, NC-For $51 million in debt and cash, the Columbus, OH-based REIT acquires the remaining 80% interest it didn't already have in Eastland Mall, a 1.06 million-sf enclosed regional mall located in Charlotte.

By Brian K. Miller | Updated on August 15, 2003

CHARLOTTE, NC-Glimcher Realty Trust is now the sole owner of Eastland Mall, a1.06 million-sf enclosed regional mall located in Charlotte, NC. The Columbus, OH-based mall REIT filled out its 20% interest by acquiring the remaining 80% interest for $46.2 million in debt and $4.75 million in cash.

The debt portion of the acquisition is an existing mortgage, which originated in 1998 and matures onSeptember 11, 2008. The debt bears interest at a fixed rate of 8.50% and is based on a 30-year principal amortization schedule.

Glimcher says the $51-million purchase price represents an approximate capitalization rate of 12% based on current net operating income.

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