The center was unencumbered at the time of the sale. Glimcher will use the net proceeds to repay short-term borrowings under its line of credit.
The buyer is Williamsport, PA-based Beiters Home Centers, a growing retail chain with stores in four locations throughout the Susquehanna Valley. In 2000, Beiters acquired the 35,000-sf former Montgomery Ward outparcel property at Sunbury Plaza, adding Sunbury to its existing locations in Williamsport, Lock Haven and Mansfield, PA.
Beiters is a 35-year-old family-owned company that began selling appliances in the 1960s and later added bedding, furniture and electronics.
Following the sale of Sunbury, Glimcher owns 23 regional malls with an aggregate of 19.8 million sf of gross leaseable area. Its total portfolio includes 70 properties with 25.5 million sf of GLA.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.