Massive Florida mall sells to REIT

Buyer purchases subject to existing loan

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Glimcher Realty Trust this week closed on the purchase of an approximately 804,000-square-foot retail center in Merritt Island, Fla., for an undisclosed price. The company, a real estate investment trust, purchased Merritt Square Mall subject to an existing $57 million mortgage loan with a fixed interest rate of 5.35 percent. The loan matures on Sept. 1, 2015, and the company funded the remaining portion of the purchase price using funds from its line of credit. The seller's identity was not disclosed. Merritt was built in 1970 and has undergone several renovations and expansions and is now an upscale, fully enclosed super-regional mall. Anchor stores at the time of sale include Dillard's, Macy's, JCPenney and Sears, as well as a 16-screen Cobb Theater. The property was approximately 94 percent occupied at the time of sale. ...