DDR and Glimcher Realty Trust announce strategic asset swap
Columbus, Ohio — Developers Diversified Realty and Glimcher Realty Trust announced Wednesday that the companies have entered into an agreement to swap two assets better aligned with the other’s operating platforms and strategies.
DDR will sell Glimcher its open-air mall, Town Center Plaza, in Kansas City, Kan., and Glimcher will sell DDR its power center, Polaris Towne Center, in Columbus, Ohio.
The transaction is expected to close in the fourth quarter of 2011.
“We are excited about this transaction that not only enhances the quality of Glimcher’s mall portfolio but is also expected to be accretive to our earnings,” said Michael P. Glimcher, chairman and CEO of Glimcher.
Town Center Plaza, which Glimcher will purchase from DDR for approximately $139 million, is a 650,000-sq.-ft. open-air mall anchored by Macy’s and Dick’s Sporting Goods and features Pottery Barn and Anthropologie.
“The simultaneous disposition of Town Center Plaza and acquisition of Polaris Towne Center is consistent with our strategic objective of simplifying our portfolio and focusing on what we do best,” said Daniel B. Hurwitz, president and CEO of DDR.
Polaris Towne Center, which DDR will purchase from Glimcher for approximately $80 million, is a 700,000-sq.-ft. market-dominant asset anchored by Target, Lowe’s, Kroger, Best Buy and TJ Maxx. Polaris Towne Center will be the seventh asset owned by DDR in the Columbus MSA.
Casto names property management VP
Columbus, Ohio — Casto said Wednesday that Larry Schwenker has joined the firm as VP property management.
Schwenker’s primary focus will be on the organization’s Midwest and Alabama commercial portfolio, which totals approximately 15 million sq. ft.
Schwenker was most recently a principal at Bryant Management Services, based in Atlanta.
Algonquin Commons announces new leases
Algonquin, Ill. — Oak Brook, Ill.-based Inland Real Estate Corp. said Wednesday that Niko’s Lodge has leased the space formerly occupied by Barley House at Algonquin Commons in Algonquin, Ill.
Niko’s Lodge, a wilderness-themed steak and seafood restaurant, will open in the 8,824-sq.-ft. space in late October. This will be the restaurant’s second location.
Algonquin Commons has seen an increase in leasing activity since January. Earlier this summer IRC announced that Ross Dress for Less will open one of its first Illinois stores at Algonquin Commons, along with Shoelace, Sears Outlet and Gourmet Kernel.