Glimcher to acquire full ownership of Scottsdale Quarter

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.

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- 2:44 AM
larajacq says

*** ALERT: Glimcher Unethical Leasing & Business Practices If Glimcher changes their mind on a tenant, they makes it a normal business practice to defraud tenants out of construction allowances while tenants are then forced to battle out with sub-contractors and general contractors to stay afloat and avoid liens. They then swoop in to settle for pennies on the dollar with general contractors to regain spaces, and then sue tenants back in bad faith to recoup any expenses even after they re-lease, thus gaining undue enrichment by double-dipping. This is how a developer gets their units built out with someone else's money at a significant savings. Those wise enough to negotiate leases properly and don't move in as a result until get paid still get sued by their $500 + per/hr attorneys. Those pressured to go in get stiffed and are out in the cold. Many tenants have left and more leaving the development. Leasing representative located at Scottsdale Quarter revealed inside information on how it's done. Glimcher has hundreds of cases in litigation nationwide and many are just like this. Stockholders, analysts and potential tenants beware.

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