Fort Worth, Texas — Glimcher Realty Trust (NYSE: GRT), a retail real estate investment trust, has purchased University Park Village, an open-air retail center in Fort Worth, for $105 million. The center has approximately 173,220 square feet of leasable retail space.
"We are pleased with the acquisition of University Park Village, a highly productive, dominant retail property in the vibrant Fort Worth market," says Michael Glimcher, chairman and CEO of Columbus, Ohio-based Glimcher Realty Trust. "This quality property offers tremendous growth potential and aligns perfectly with our acquisition strategy."
The center, which originally opened in 1986, is 97 percent occupied and features upscale merchants such as Apple, Ann Taylor, Anthropologie, Banana Republic, J. Crew, lululemon athletica, Madewell and Pottery Barn. The tenants average more than $800 per square foot in sales.
Glimcher financed the acquisition through a $60 million term loan, plus the remaining funds from the company's credit facility. The term loan matures on April 8, 2013.
Glimcher expects to obtain long-term mortgage financing on the property prior to the term loan's maturity date, provided market conditions are favorable.
University Park Village is situated in one of the most affluent areas of Fort Worth. In fact, Northwest Fort Worth has the lowest vacancy rate of any submarket in the Dallas-Fort Worth Metroplex (7.6 percent), according to Marcus & Millichap.
Other notable retail transactions in Fort Worth include Sundance Square, a 35-block retail, residential and entertainment district in downtown Fort Worth, adding new retailers to its tenant roster. These new tenants include Coyote, a women's boutique shop; Salata, a next-generation salad bar; BB&T; and Flowers to Go. Additionally, the mixed-use district is set to add a 9,000-square-foot Del Frisco's Grille in October.
Glimcher Realty Trust handles the ownership, management, acquisition and development of retail properties. Glimcher owns interest in and manages 29 properties totaling approximately 21.7 million square feet. Glimcher's inventory of investment properties includes mixed-use space, open-air centers, enclosed regional malls and outlet centers.
Glimcher Realty Trust's stock price closed at $11.22 per share on Tuesday, up from closing at $8.96 per share this time last year.
— John Nelson