Glimcher Gains Control of Scottsdale Quarter to the Tune of $120M
- Sep 09, 2010
September 9, 2010
By Allison Landa, News Editor
Retail REIT Glimcher Realty Trust is terminating a joint venture and entering into agreements to acquire the land for all three phases of its Scottsdale Quarter retail and office development in Scottsdale, Arizona.
With a total purchase price of $120 million, Glimcher is gaining full control and ownership over all improvements on the property as well as the land itself. Scottsdale Quarter, a $250 million project that opened in 2009, has 600,000 square feet of retail and office space on 28 acres. Phase II is scheduled to debut in fall. Under the acquisition agreement, the third phase may be developed by Glimcher for retail, hotel, office, or residential use. The acquisition will be funded via $85 million in mortgage debt, with the balance funded through the company’s credit facility.
According to Glimcher chairman and CEO Michael Glimcher, gaining full control of the property enhances the firm’s overall investment.
Scottsdale Quarter includes tenants such as BRIO Tuscan Grille, Narcisse, Armani Exchange, the Apple Store and Williams-Sonoma Home. Contemporary restaurant Primebar also recently opened on the property.