LEAWOOD, KS-Glimcher Realty Trust has added to its $139 million purchase of Town Center Plaza here with the acquisition of the property next door, One Nineteen, for $67.5 million. The two properties total 815,000 square feet.
The Columbus, OH-based Glimcher bought Town Center in December in a property swap with Cleveland-based DDR Corp., selling DDR the Polaris Towne Center in Columbus for $80 million. Town Center includes tenants Macy’s and Dick’s Sporting Goods. Glimcher gained a $77 million mortgage loan on the center in January.
The 165,000-square-foot One Nineteen is a newer property, built in 2008 and 93% leased, with tenants such as Crate & Barrel, lululemon athletica and an Aplle store. The acquisition was funded with the proceeds of a secondary offering in the first quarter, though Glimcher plans to obtain long-term financing on the property. Tenant sales at the center average more than $900 per square foot.
Michael Glimcher, chairman and CEO, said the purchases represent an ability to find and execute off-market deals that are in line with a strategy of focusing on quality. "The first half of 2012 has been very productive for Glimcher,” he tells GlobeSt.com. “In the past six months, we've completed three acquisitions and announced a $60 million redevelopment of two outlet properties. We hope to see this momentum continue in the second half of the 2012 as we stay focused on improving the quality of our portfolio through acquisitions, redevelopment and new stores coming online, raising overall sales per square foot."
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