Newspaper article THE JOURNAL RECORD

Glimcher Acquires 5 Shopping Malls

Newspaper article THE JOURNAL RECORD

Glimcher Acquires 5 Shopping Malls

Article excerpt

COLUMBUS, Ohio (Bloomberg) -- Glimcher Realty Trust has bought five shopping malls for $375 million, increasing its holdings by 20 percent and becoming the latest mall company to join in the industry's consolidation.

The malls, bought from various sellers, contain about 5 million square feet of space, boosting Glimcher's total holdings to more than 30 million square feet in 124 properties. The malls are located in Oregon, Alabama, California, Minnesota and North Carolina.

Columbus-based Glimcher joins a growing list of small developers who are making acquisitions to get bigger and gain leverage over retailers to weather sluggish retail sales. Unlike other operators, Glimcher bought these malls in privately negotiated transactions, avoiding the high prices being paid for malls that are being put up for auction. "Utilizing a strategy of identifying acquisition prospects before they reach the market, we were able to contract for these properties at very attractive (returns)," said Herbert Glimcher, chairman, president and chief executive. …

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