Columbus, Ohio Glimcher Realty Trust announced late Wednesday that it has entered into agreements to purchase the land for all three phases of its Scottsdale Quarter development project in Scottsdale, Ariz., from affiliates of its existing joint-venture partner.
The total purchase price is approximately $120 million, and the transaction will give Glimcher full control and ownership over all improvements, in addition to the land.
Scottsdale Quarter includes approximately 600,000 sq. ft. of premium retail and office space in the heart of Scottsdale, and is currently owned in a 50/50 joint venture. Phase I opened in 2009 with Phase II scheduled to come on line in this fall. The third phase may be developed by Glimcher for retail, hotel, office and/or residential use.
According to Glimcher, the purchase of the Phase I and II land is slated to be completed in September, and the Phase III land purchase along with the termination of the joint venture is expected to close in October 2010.