Glimcher hopes to sell three to four malls, raise capital
By Jeff Keeling
The Mall at Johnson City is one of 13 malls Glimcher Realty Trust has put up for sale in a bid to sell three to four malls and raise $200 to $300 million of capital.
Glimcher corporate spokeswoman Karen Bailey confirmed the news Thursday in an emailed statement.
“In April, we announced plans to list 13 properties for sale, including The Mall at Johnson City, to better understand pricing for our centers in the current market,” the statement said. “Our goal through this process is to sell only three or four of the 13 properties listed and raise approximately $200-$300 million. The capital will be used to reinvest into the business through redevelopment and further enhancements to our balance sheet.”
Bailey said Glimcher would continue strongly supporting the local Mall.
“The Mall at Johnson City is a well-performing center, and we would be happy to continue to own the center,” she said. “We will also continue to invest in the property throughout this process.”
The Columbus, Ohio-based real estate investment trust reported the plan in its first-quarter earnings report released in late April. The Columbus Dispatch newspaper ran a story June 20 noting that most of those on the block included Sears and JC Penney anchor stores – two companies with well-documented financial struggles, both of which are represented at the Mall at Johnson City.
The Dispatch also said all the malls for sale had per-square-foot sales below Glimcher’s $500 target. Bailey said the Mall at Johnson City’s most recent figure was $402 per square foot. According to the Dispatch, the Glimcher average is $471 per square foot.