Glimcher puts mall up for sale
VIENNA, W.Va. – The Grand Central Mall is one of 13 malls Glimcher Realty Trust is putting up for sale.
“In April, we announced plans to list 13 properties for sale, including Grand Central Mall, to better understand pricing for our centers in the current market,”said Karen Bailey, director of corporate communications at Glimcher Realty Trust on Thursday. “Our goal through this process is to sell only three or four of the 13 properties listed and raise approximately $200 million-$300 million.
“The capital will be used to reinvest into the business through redevelopment and further enhancements to our balance sheet.”
The other malls being listed for sale, according to a filing with the U.S. Securities and Exchange Commission, are the Ashland Town Center in Ashland, Ky.; the Colonial Park Mall in Harrisburg, Pa.; the Dayton Mall in Dayton, Ohio; the Indian Mound Mall in Heath, Ohio; the Mall at Fairfield Commons in Dayton, Ohio; The Mall at Johnson City in Johnson City, Tenn.; the Morgantown Mall in Morgantown, W.Va.; Merritt Square Mall in Merritt Island, Fla.; New Towne Mall in New Philadelphia, Ohio; Northtown Mall in Blaine, Minn.; River Valley Mall in Lancaster, Ohio, and the Weberstown Mall in Stockton, Calif.
If Grand Central Mall is not sold, Glimcher would be willing to continue its current business relationship with the facility, Bailey said. “We have a very successful history with Grand Central Mall, and we would be happy to continue to own and manage the center,” she said.