MERRITT ISLAND, FL-Columbus, OH-based Glimcher Realty Trust has entered into a contract to acquire the 804,000-sf Merritt Square Mall at 777 E. Merritt Island Causeway. The sale is expected to close in the fall.

The company will purchase the property subject to a $57-million mortgage loan with a fixed interest rate of 5.35% and a 30-year principal amortization. The loan matures on Sept. 1, 2015. The company will complete the acquisition with funds from its line of credit.

“Merritt Square Mall fits perfectly with our strategy of acquiring strong, well-located properties with high-growth potential,” says Glimcher president and CEO Michael Glimcher, in a released statement. “This acquisition will provide us a positive initial return based on the strength of the current income.”

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