Columbus, Ohio -- Glimcher Realty Trust has announced plains to purchase its remaining interest in WestShore Plaza in Tampa, Fla. and to sell its interest in Lloyd Center in Portland, Ore. Glimcher holds a 40% interest in a joint venture with Blackstone Real Estate Partners VI that owns both properties.
Glimcher will purchase the 60% interest in WestShore Plaza, which logs sales of $410 per sq. ft., for $111.8 million by assuming Blackstone’s pro-rata share of the $119.6 million loan plus $40 million in cash. Glimcher’s proceeds from the sale of Lloyd Center and the company’s credit facility will fund the purchase.
In an unrelated transaction, two unaffiliated third parties will purchase 100% of Lloyd Center. Glimcher’s share of net proceeds from the sale of the Center and four contiguous outparcels after repayment of the existing loan on the property will be approximately $28.4 million.