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

"Merritt Square Mall fits perfectly with our strategy ofacquiring strong, well-located properties with high-growthpotential," says Glimcher president and CEO Michael Glimcher, in areleased statement. "This acquisition will provide us a positiveinitial return based on the strength of the current income."

Built in 1970, the mall is currently owned by New YorkCity-based Thor Equities, which acquired the property in 2005 for$64.5 million. It is the only indoor shopping center on MerrittIsland and in central Brevard County. Located on State Road 520,which connects the Orlando area with Merritt Island, Cocoa Beachthe Kennedy Space Center, it is eight miles from PortCanaveral.