Glimcher Realty Trust Buys University Park Village in Fort Worth, TX for $105M
Glimcher Realty Trust (NYSE: 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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