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Article: The Blackstone Group and Glimcher to Form Joint Venture.
- Article from:
- Real Estate Weekly News
- Article date:
- November 20, 2009
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The Blackstone Group[R] and Glimcher Realty Trust (NYSE:GRT), announced a partnership for the acquisition and management of two regional malls.
The assets for the joint venture will consist of two existing Glimcher mall properties: Lloyd Center in Portland, Oregon and WestShore Plaza in Tampa, Florida. The gross value for the combined transaction is approximately $320 million which would include assumption of the approximately $218 million in mortgage loans currently in place on the properties. The transaction is expected to generate net proceeds of approximately $60 million to Glimcher after considering debt assumption and typical closing costs. These proceeds ...