MALIBU, CA-Columbus, OH-based retail REIT GlimcherRealty Trust has reached a contract to purchase theleasehold interest on Malibu Lumber Yard, a31,441-square-foot, open-air retail centerhere, for approximately $35.5 million. Thetransaction is expected to closer later this month and is subjectto customary closing conditions.
Malibu Lumber LLC developed the center oncity-owned land in 2009, and the transfer of the leasehold contractwas approved on Monday night by the Malibu city council. Glimcherexpects to fund the acquisition though availability on itscorporate credit facility.
The property is a two-story specialty retail center locatedalong the Pacific Coast Highway. Tenant sales at the Lumber Yardaverage more than $1,000 per square foot, and the center iscurrently 84% leased. The property features numerous upscaleboutiques including James Perse, Tory Burch, Intermix,Alice & Olivia, J.Crew-at-the-Beach andQuicksilver Girls.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
