Glimcher Completes Sale of Interest in Tulsa Promenade
Glimcher Completes Sale of Interest in Tulsa Promenade
COLUMBUS, Ohio--(BUSINESS WIRE)-- Glimcher Realty Trust (NYSE: GRT) , one of the country's premier retail REITs, today announced the completed sale of Tulsa Promenade ("Tulsa"), a mall located in Tulsa, Oklahoma on June 28, 2013. Tulsa was held in a joint venture between Glimcher and an affiliate of Oxford Properties Group. Glimcher holds a 52% interest in the venture which continues to operate an additional mall asset within the Glimcher portfolio. The mall was sold for $12.3 million to a private real estate company. Sales proceeds were accepted by the lender as a full repayment of the mortgage on the property.
"Today's transaction further illustrates our focus on enhancing the quality of the portfolio and managing our balance sheet leverage," stated Michael P. Glimcher, Chairman of the Board and CEO of Glimcher. "The completed sales of Tulsa Promenade and Lloyd Center along with our recent acquisitions are accelerating our transformation."
Glimcher has also completed the purchase of the remaining 60% interest in their Tampa-based WestShore Plaza, a transaction previously announced on June 6, 2013. The property had been held in a joint venture with The Blackstone Group since 2009. Also in June, Glimcher completed the sale of its interest in the Lloyd Center, a 1.5 million square foot shopping mall in Portland, Oregon.
About Glimcher Realty Trust
Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of retail properties, including mixed use, open-air and enclosed regional malls as well as outlet centers. Glimcher owns material interests in and manages 27 properties with total gross leasable area totaling approximately 19.2 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 G, Series H, and Series I preferred shares are listed on the New York Stock Exchange under the symbols "GRTPRG," "GRTPRH," and "GRTPRI," 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. Glimcher® is a registered trademark of Glimcher Realty Trust.
Visit Glimcher at: www.glimcher.com.
Glimcher Realty Trust
INVESTORS:
Lisa A. Indest, 614-887-5844
SVP, Finance and Accounting
lindest@glimcher.com
or
MEDIA:
Karen Bailey, 614-887-5847
Director, Corporate Communications
kbailey@glimcher.com
KEYWORDS: United States North America Ohio Oklahoma
INDUSTRY KEYWORDS:
The article Glimcher Completes Sale of Interest in Tulsa Promenade originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
