COLUMBUS, OH-Glimcher Realty Trust has finally sold a 60% stake in two large malls to the Blackstone Group for $320 million. The locally-based trust will keep a 40% interest in the 1.4-million-square-foot Lloyd Center in Portland and the one-million-square-foot WestShore Plaza in Tampa. The deal was supposed to close in December, but the company CFO says the sale involved CMBS, and paperwork and servicer requirements took a little longer than expected.

The $320-million purchase includes the assumption of about $215 million in mortgage loans currently in place on the properties. The transaction generated net proceeds of about $60 million to Glimcher after considering debt assumption fees and ordinary closing costs. These proceeds were applied against outstanding borrowing under Glimcher’s credit facility, and, accordingly, the current outstanding balance on the credit facility has been reduced to about $232 million.

“The sale allows us to pay down our line, while continuing our strategy of repositioning our balance sheet,” says Mark Yale, the Glimcher CFO. “We also get to continue to manage the assets, while forming an affiliation with the respected Blackstone.” He tells that not only does Glimcher not plan on selling any more properties, the new joint venture will likely look to buy other assets in the future.

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