Glimcher Realty Trust GRT, one of the country's premier retail REITs,
today announced the acquisition of University Park Village, a premier open-air
center located in Fort Worth, Texas. University Park Village has approximately
173,220 square feet of leasable retail space and has tenant sales averaging
more than $800 per square foot. The center is currently 97% occupied and
features upscale retailers such as Apple, Anthropologie, J. Crew, lululemon
athletica and Madewell.
The company purchased the center for $105 million. The company funded the
acquisition through a $60 million term loan and with the remaining funds
coming from the company's credit facility. The term loan has an interest rate
of LIBOR plus 300 basis points and matures on April 8, 2013. The company
expects to obtain long-term mortgage financing on the property prior to the
term loan's maturity date, provided market conditions are favorable.
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