Glimcher Buys Out Venture for $120M

Glimcher Realty Trust has agreed to buy out its joint-venture partners in the Scottsdale Quarter project for about $120 million. The split with the partners, Wolff Co. and Vanguard City Home, was not explained by the Columbus, OH-based Glimcher. The project includes 500,000 square feet of retail and 100,000 square feet of office at 15101 N. Scottsdale Rd. The $250-million project opened in early 2009. “Having full control of both the ground and the improvements enhances the overall value of our investment in this premier property,” said Michael Glimcher, chairman and CEO, in a statement. The company plans to fund the acquisition with about $85 million of mortgage debt and a credit facility. Leasing was reportedly slow at the development, which includes a second 283,000-square-foot phase ready to open this fall. Final plans had included about double the office and retail space for the 28-acre property, as well as residential and a hotel. Glimcher will now take over all aspects of the property, including developing the third phase which may include more retail, hotel, office and/or residential use.

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