(For more retail coverage, click GlobeSt.com/RETAIL.)
TULSA, OK-Publicly held Glimcher Realty Trust of Columbus, OH has agreed to acquire the 927,000-sf Tulsa Promenade shopping center here for $58.3 million. The transaction is expected to close in late January.
Officials with the retail REIT estimate the initial cap rate--based on income in place after management fees and capital expenditure reserves--at 7.3%. Company officials also say an interest in the property may ultimately be assigned to its recently announced joint venture partner, Oxford Properties Group.
Tulsa Promenade is a newly renovated two-story regional mall anchored by Dillard's, Foley's and JC Penney and a 12-screen movie theater. It has 235,000 sf of small shop retailers generating sales per square foot of approximately $305.
Glimcher owns around 30 retail centers, including regional malls and community centers, mostly in the Eastern US. In November, it agreed to acquire the 1.2-million-sf Puente Hills Mall in City of Industry, CA for $170.1 million. The deal was expected to close in late December.
In September, as part of its effort to focus on larger malls, the company told GlobeSt.com it was selling 12 of its 16 community center assets. At that time, three were under contract and nine were coming to market.
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