MERRITT ISLAND, FL-Glimcher Realty Trust has closed on itsacquisition of the Merritt Square Mall. The Columbus, OH-based REITbought the property from Thor Equities. Glimcher and Thor Equitieswent into contract on thedeal in August, as GlobeSt.com 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%. Theloan matures on Sept. 1, 2015. The company funded the remainder ofthe purchase price from its line of credit; however, no finalpurchase price was released. Calls to Lisa Indest, vice presidentof finance and accounting at Glimcher, were not returned bydeadline.

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 hoveraround $350 per sf, Glimcher reports. At the time Glimcher wentpublic with the deal two months ago, president and CEO MichaelGlimcher pointed to Merritt Square Mall's growth opportunities andits location–in the Brevard County tourist district–as factors inthe buy. “Merritt Square Mall fits perfectly with our strategy ofacquiring strong, well-located properties with high-growthpotential,” Glimcher said in August. “This acquisition will provideus a positive initial return based on the strength of the currentincome.”