Owner of Tampa's Westshore Mall, Glimcher Realty Trust has put it on the market. Glimcher owns 23 malls nationally and totals $1.6 billion dollars of debt. Westshore Mall has a debt of $91.5 million maturing in 2012 and has sales per square foot of $422.
Glimcher's preference is to sell stakes in Westshore Mall, as well as a few of its other holdings, rather than just an outright sale. Although Glimcher won't disclose a price, they are expecting to receive a value based on a sub 10% capitalization rate.
Tuesday, October 6, 2009
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