X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Another REIT has made a big move in Houston. Glimcher Realty Trust of Columbus, OH, has bought out joint venture partner Fifth Avenue LLC’s 80% ownership of Northwest and Almeda Malls for $5.5 million cash and assumption of a $34.9-million mortgage.

The loan, with an 8.5% interest rate, will mature in 2007.

Glimcher acquired 20% interest as well as the management assignment in the malls in March 1998 with a Japanese joint venture partner. Fifth Avenue LLC, which is comprised of Ellen Glimcher, the daughter of Herbert Glimcher, the chairman of the REIT’s board of trustees and CEO, and the sister of Michael P. Glimcher, the REIT’s president, acquired 80% interest from the Japanese investor two years ago.

Glimcher Realty has been bent on moving away from joint venture partnerships over the last few years, William G. Cornely, executive vice president and chief operating officer tells GlobeSt.com. It was always the REIT’s intention to buy out the partners at these two malls as well as all other joint venture partnerships, he adds.

Cornely says the REIT has only three malls left in its portfolio left to buyout. These properties are located in Columbus, OH; Harrisburg, PA; and Charlotte, NC. Glimcher’s total portfolio consists of 83 properties in 24 states totaling 28 million sf.

Cornely says the Almeda and Northwest Malls are successful. Almeda Mall is located at 555 Almeda Mall Rd. and was 97.7% leased as of Sept. 30, Glimcher confirms. The mall has 797,000 sf and is anchored by Foley’s, JC Penny, Old Navy and Palais Royal.

The 794,000-sf Northwest Mall at 9800 Hempstead Hwy. is 68.9% occupied. Cornely says the vacancy rate is due primarily to JC Penney vacating an anchor spot approximately 18 months ago. Cornely says JC Penney owned its spot and has sold it to a third party. Among the smaller shops included in the mall there is a 93.6% occupancy, Cornely notes. Anchor tenants at the mall currently include Foley’s, Office Max, Old Navy and Palais Royal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.