Glimcher Acquires Arbor Hills in Ann Arbor, MI for $52.55M

Glimcher Realty Trust

, 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