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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.

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