HOUSTON-Glimcher Realty Trust has closed on the sale of the794,104-sf Northwest Mall to an affiliate of Levcor Inc. The$19-million sale is Glimcher's second one in a month in the city inits disposition of five non-strategicmalls, which got under way in 2006.
The nine-year-old Northwest Mall at 555 Northwest Mall isanchored by Macy's. The national retail mix includes Bath &Body Works, Champs Sports, CiCi's Pizza, Zales Jewelers andWaldenbooks.
According to Glimcher's press release, proceeds will be used topay down short-term loans for its line of credit. The locally basedLevcor has been leasing the asset for Glimcher. According to an SECfiling, the buyer paid $19 million for Northwest Mall.
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