Glimcher Sells Tulsa Promenade Mall

Glimcher Realty Trust, a retail oriented REIT, has recently announced it has completed the sale of Tulsa Promenade, a mall located in Tulsa, Oklahoma.

By Gabriel Circiog, Associate Editor

Tulsa Promenade Realty Management L.L.C., a private investor, has acquired Tulsa Promenade in a $12.3 million deal from a joint venture of Glimcher Realty Trust and an affiliate of Oxford Properties Group. The proceeds were used to retire the mortgage on the property.

Mike Kohen, Tulsa Promenade Realty Management’s CEO, told that he plans to improve the mall and diversify its tenant mix by attracting national and local retailers.

“Today’s transaction further illustrates our focus on enhancing the quality of the portfolio and managing our balance sheet leverage,” stated Michael P. Glimcher, chairman & CEO of the Ohio-based REIT, which was the property’s majority owner.  “The completed sales of Tulsa Promenade and Lloyd Center along with our recent acquisitions are accelerating our transformation.”

The venture continues to operate another mall in the Glimcher portfolio.

Located at 4107 South Yale Ave., in Midtown Tulsa, the 926,426-square-foot mall was built in 1965 as an open-air center and was originally named Southland.  The center was enclosed and given its current name in 1987. Its anchor tenants include JCPenney, Dillard’s and Macy’s.

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