{"id":1004076792,"date":"2013-06-10T06:21:13","date_gmt":"2013-06-10T14:21:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004076792"},"modified":"2022-12-08T11:42:38","modified_gmt":"2022-12-08T19:42:38","slug":"glimcher-to-regain-tampa-center-sell-interest-in-portlands-lloyd-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/glimcher-to-regain-tampa-center-sell-interest-in-portlands-lloyd-center\/","title":{"rendered":"Glimcher to Regain Tampa Center, Sell Interest in Portland\u2019s Lloyd Center"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"\"<\/a>Glimcher Realty Trust, of Columbus, Ohio, plans to purchase, for about $112 million, the remaining interest in WestShore Plaza, Tampa, from its joint venture partner, an affiliate of Blackstone Real Estate Partners VI, the REIT announced Thursday. The purchase will put WestShore Plaza fully into Glimcher\u2019s ownership for the first time in about three years.<\/span><\/p>\n

In an unrelated transaction, both partners will sell their interests in Lloyd Center in Portland, Ore.<\/p>\n

Both properties currently are held in a JV in which Glimcher holds a 40 percent interest and Blackstone 60 percent.<\/p>\n

The sales are expected to close within 60 days, subject to customary closing conditions. After the closings, the JV will no longer own any real estate properties or other assets, other than certain liquid assets to cover post-closing obligations.<\/p>\n

Glimcher will purchase the 60 percent interest in WestShore Plaza for $111.8 million: $40 million in cash and an assumption of Blackstone\u2019s pro rata share of the $119.6 million loan. The purchase price will be funded initially by a combination of the proceeds from the sale of Lloyd Center and availability on Glimcher\u2019s credit facility.<\/p>\n

\u201cConsistent with our long-term growth plan, we are pleased to regain full ownership of WestShore Plaza. With sales in excess of $410 per square foot, the center continues to perform well and \u2026 offers one of the best restaurant line-ups in the region, which research shows is increasingly important to our shopper,\u201d Michael Glimcher, chairman and CEO of Glimcher, said in a release.<\/p>\n

 <\/p>\n

Built in 1967 at the corner of West Shore and Kennedy boulevards, WestShore was acquired by Glimcher in 2003. The JV with Blackstone closed in early 2010.<\/p>\n

The center is anchored by Macy\u2019s, JCPenney and Sears, with other stores including H&M, Ann Taylor, White House Black Market, Victoria\u2019s Secret and Francesca\u2019s. Restaurants include Maggiano\u2019s Little Italy, Mitchell\u2019s Fish Market, PF Chang\u2019s China Bistro, The Palm Restaurant and Seasons 52.<\/p>\n

The two buyers of the Lloyd Center, described only as \u201cunaffiliated third parties\u201d were not disclosed, and a Glimcher spokesperson was unable to provide CPE<\/em> with further information.<\/p>\n

After repayment of the existing loan on the property, Glimcher\u2019s share of the net proceeds from the sale of Lloyd Center and four outparcels will be about $28.4 million.<\/p>\n

Lloyd Center was developed in 1960 as the country\u2019s largest shopping center. With nearly 1.5 million square feet of space, today it\u2019s still one of Oregon\u2019s largest shopping. It features six anchors, 180-plus shops, a 900-seat food court, four full-service restaurants, an indoor ice-skating rink and an eight-screen theater.<\/p>\n","protected":false},"excerpt":{"rendered":"

Glimcher Realty Trust plans to purchase the remaining interest in WestShore Plaza, Tampa, from its joint venture partner, an affiliate of Blackstone Real Estate Partners VI, for $112 million.<\/p>\n","protected":false},"author":882,"featured_media":1004076794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1585,21783,21742,21749,1612,15],"tags":[],"class_list":["post-1004076792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-columbus","category-investment","category-latest","category-retail","category-tampa","category-west"],"acf":[],"yoast_head":"\nGlimcher to Regain Tampa Center, Sell Interest in Portland\u2019s Lloyd Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/glimcher-to-regain-tampa-center-sell-interest-in-portlands-lloyd-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glimcher to Regain Tampa Center, Sell Interest in Portland\u2019s Lloyd Center\" \/>\n<meta property=\"og:description\" content=\"Glimcher Realty Trust plans to purchase the remaining interest in WestShore Plaza, Tampa, from its joint venture partner, an affiliate of Blackstone Real Estate Partners VI, for $112 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/glimcher-to-regain-tampa-center-sell-interest-in-portlands-lloyd-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-06-10T14:21:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:42:38+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/GLIMCHER.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/glimcher-to-regain-tampa-center-sell-interest-in-portlands-lloyd-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/glimcher-to-regain-tampa-center-sell-interest-in-portlands-lloyd-center\/\",\"name\":\"Glimcher to Regain Tampa Center, Sell Interest in Portland\u2019s Lloyd Center - 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