Glimcher Realty Trust GRT, one of the country's premier
retail REITs, today announced the acquisition of Arbor Hills, an
upscale, open-air center, located in Ann Arbor, Michigan. Arbor Hills
has approximately 85,000 square feet of leasable space and held its
grand opening in August 2013. The property is approximately 87% leased,
and features high-quality brands such as Anthropologie, Arhaus,
lululemon athletica, Madewell and The North Face. The property is
expected to average above $500 per square foot in sales.
The Company purchased a 93% interest in the property through a newly
formed joint venture. The gross purchase price was $52.55 million and
was funded primarily through a combination of property level debt and
working
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