WestShore Plaza Goes on Market

TAMPA, FL-The retail REIT that owns WestShore Plaza is putting the indoor mall on the market after a deal for one of its other malls fell through. Columbus, OH-based Glimcher Realty Trust also plans to find buyers for its Polaris Towne Center in Columbus and Lloyd Center in Portland, OR.

Glimcher announced last week that its $192-million planned sale of Lloyd Center to Merlone Geier Partners IX was terminated. The mall, which was acquired 11 years ago for $168 million, is being sold to improve the REIT’s liquidity.

“Although we are disappointed that this transaction will not proceed, Lloyd Center is a high-quality asset and we have been encouraged by discussions with other parties regarding a potential sale,” Michael Glimcher, chairman and CEO, stated in a release. “We remain committed to our asset sales/joint venture program and will continue to seek to raise additional capital through a combination of sales or partial sales.”

WestShore Plaza, which opened in 1967 and was purchased by Glimcher for $153 million in 2003, is a regional mall totaling nearly 1.1 million square feet at West Shore and Kennedy Boulevards near Interstate 275. It features Sears, Macy’s, JCPenney and Saks Fifth Avenue as its anchors, along with an AMC multiplex theater and several upscale restaurants.

Glimcher owns 23 malls and carries $1.6 billion in debt. It previously hired Eastdil Secured to list its leading malls, including WestShore Plaza, for sale in May.