FORT WORTH-Glimcher Realty Trust has acquired the 173,220-square-foot University Park Village from Heitman Capital Management. The Ohio REIT paid $105 million to the Chicago-based seller, funding the acquisition through a $60 million term loan and credit facility.
The property at 1612 S. University Dr. is 97% occupied, with high-end retailers including Apple, Anthropologie, J. Crew, lululemon athletica and Madewell. The property was built in 1986 and, according to the Tarrant Central Appraisal District, Heitman acquired it in 2001.
“We are pleased with the acquisition of University Park Village, a highly productive, dominant retail property in the vibrant Fort Worth market. This quality property offers tremendous growth potential and aligns perfectly with our acquisition strategy,” says Michael P. Glimcher, chairman of the board and CEO in a prepared statement.
The loan used to finance the purchase has an interest rate of LIBOR plus 300 basis points, with a maturity date of April 8, 2013. Glimcher indicated it would obtain long-term mortgage financing prior to the term loan’s maturity date, depending on market conditions. HFF worked with Glimcher on obtaining financing, and also brokered the transaction.