Glimcher Purchases Merritt Square Mall In Merritt Island, FL
COLUMBUS, OH - October 9, 2007 - Glimcher Realty Trust, (NYSE:GRT) — one of the country’s premier retail REITs, today announced that it closed on the purchase of Merritt Square Mall ("Merritt") in Merritt Island, Florida.
The company purchased Merritt subject to an existing $57 million mortgage loan with a fixed interest rate of 5.35%. The loan matures on September 1, 2015. The company funded the remaining portion of the purchase price using funds from its line of credit.
Merritt was built in 1970 and has undergone several renovations and expansions and is now an upscale, fully enclosed super-regional mall. Merritt is located in the Brevard County tourist district, which includes Cocoa Beach and Port Canaveral, one of the busiest cruise ship ports in the world. Merritt has approximately 804,000 square feet of gross leasable area and has retail anchor stores including Dillard's, Macy's, JCPenney, and Sears as well as a 16-screen Cobb Theater. Currently, Merritt's in-line store occupancy is approximately 94% and average store sales are approximately $350 per square foot.
About the Company
Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of regional and super-regional malls. At March 31, 2008, the Company's mall portfolio, including assets held through one of the Company's strategic joint ventures, consisted of 23 properties located in 14 states with gross leasable area totaling approximately 20.6 million square feet. The community center portfolio is comprised of four properties representing approximately 1.0 million square feet. Glimcher Realty Trust's common shares are listed on the New York Stock Exchange under the symbol "GRT." Glimcher Realty Trust's Series F and Series G preferred shares are listed on the New York Stock Exchange under the symbols "GRT-F" and "GRT-G," respectively. Glimcher Realty Trust is a component of both the Russell 2000® Index, representing small cap stocks, and the Russell 3000® Index, representing the broader market.
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