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.
Old Colony Square gets an extreme makeover
Purchase, N.Y. — Old Colony Square Center in Jersey City, N.J., will look like new by the end of the year. Owner National Realty & Development Corp. will begin renovations to the Pathmark-anchored center this summer.
With more than 425,000 people living within three miles and a median household income of $62,513, the center continues to attract new tenants. Earlier this year, NRDC welcomed Advance Auto Parts, Popeye’s Louisiana Kitchen and a local pizzeria.
The facelift will include new canopies, columns, exterior lighting and updated storefronts featuring fresh, modern neutral colors.
NRDC will also improve pedestrian access with new walkways and crosswalks.
The new look will enable the center to keep pace with the surrounding community, which recently redeveloped neighboring brownstones, opened a new hospital and opened a new charter school.