MERRITT ISLAND, FL-Glimcher Realty Trust has closed on its acquisition of the Merritt Square Mall. The Columbus, OH-based REIT bought the property from Thor Equities. Glimcher and Thor Equities went into contract on the deal in August, as previously reported.

Glimcher bought the 804,000-sf property subject to an existing $57-million mortgage loan with a fixed interest rate of 5.35%. The loan matures on Sept. 1, 2015. The company funded the remainder of the purchase price from its line of credit; however, no final purchase price was released. Calls to Lisa Indest, vice president of finance and accounting at Glimcher, were not returned by deadline.

Merritt Square Mall was built in 1970 and is currently 94% occupied. Its anchor tenants are Dillard’s, Macy’s, JC Penney, Sears and a 16-screen Cobb Theater. The average store sales hover around $350 per sf, Glimcher reports. At the time Glimcher went public with the deal two months ago, president and CEO Michael Glimcher pointed to Merritt Square Mall’s growth opportunities and its location–in the Brevard County tourist district–as factors in the buy. “Merritt Square Mall fits perfectly with our strategy of acquiring strong, well-located properties with high-growth potential,” Glimcher said in August. “This acquisition will provide us a positive initial return based on the strength of the current income.”

Glimcher has been busy in Florida, selling the 1.3-million-sf University Mall in Tampa in July. The mall was sold to a partnership between affiliates of Santa Barbara, CA-based Somera Capital Management LLC and Rockwood Capital LLC for $144.7 million, as previously reported.

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