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Glimcher Closes on $149M Sale of University Mall

Affiliates of Rockwood Capital, Somera Capital Acquire 1.2 Million-SF Enclosed Mall in Tampa
July 25, 2007
Glimcher Realty Trust (NYSE: GRT) has closed on its sale of University Mall in Tampa, FL, to a joint venture of affiliates of Somera Capital Management LLC and Rockwood Capital LLC for $149 million, or about $120 per square foot.

Glimcher, the Ohio-based mall and shopping center REIT, agreed to sell the 1.2 million-square-foot mall in February. It is the second mall the REIT has sold under a previously announced plan to trim five non-core assets from its portfolio. Under terms of the deal, Glimcher will continue to handle property management and other administrative services at the mall for up to one year.

Chang Lee of Eastdil Secured handled the deal for Glimcher, according to CoStar information.

The property is at 2200 E. Fowler Ave., between I-75 and I-275 in northeast Tampa. It features more than 165 stores and is anchored by Macy's, Dillard's, Burlington Coat Factory, Sears and Steve & Barry's University Sportswear.

For more information, please see CoStar COMP #1247943.
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