Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

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

It has undergone several renovations, including a 1999 renovation with the expansion of the food court to 400 seats. In spring 2004, Cobb Theaters opened a 16-screen theater. It is 94% occupied with anchor including Dillard’s, Macy’s, JC Penney, Sears and the theater. Average store sales are approximately $350 per sf. “We are excited about the opportunity to leverage our relationships with our national retailers that will result in the improvement of the overall retail mix at the mall,” Glimcher says.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.