Glimcher to buy WestShore Plaza and sell Lloyd Center
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.
Madison Marquette to launch redesigned Center Social website
Washington, D.C. — Madison Marquette Retail Services has announced the launch of its redesigned Center Social, a website that offers research, best practices and other resources related to using social media to market shopping centers.
The site has retained its original sponsors: Madison Marquette and Alexander Babbage, a marketing and consumer research company. Two additional sponsors will contribute to the re-launched site: The Dealey Group, a digital advertising, marketing and design firm, and Ein Communications, a public relations and marketing communications firm.
Madison Marquette said the site would also include a blog covering social media trends and tools.
Stirling chief named VP of ICSC Southern Division
Covington, La. — Marty Mayer, president and CEO of Stirling Properties, won election as VP of the International Council of Shopping Centers’ Southern Division at RECon in May.
As a divisional VP, Mayer will also sit on the Government Relations Advisory Committee. In addition, he currently serves on the Executive Committee of ICSC’s Worldwide Board of Trustees.