Industry | Real estate investment trust |
---|---|
Founded | 1959 | (as The Glimcher Company)
Founder | Herbert Glimcher |
Fate | Acquired by Washington Prime Group |
Headquarters | |
Key people | Michael P. Glimcher, Chairman & CEO Mark E. Yale, CFO |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 981 (2013) |
Footnotes /references [1] |
Glimcher Realty Trust was a real estate investment trust based in Columbus, Ohio that invested in shopping malls. In 2015, the company was acquired by Washington Prime Group.
As of December 31, 2013, the company owned interests in 28 shopping centers in 15 states in the United States containing 19.3 million square feet of gross leasable area. [1]
Notable properties wholly owned by the company included the following: [1]
The company was founded as The Glimcher Company by Herbert Glimcher in 1959, who started in the lumber business. [2] Throughout much of its history, the company's largest tenant was Kmart. [2]
In 1998, the company acquired 5 shopping malls for $375 million. [3]
In 1999, the company received a $1 billion investment from Nomura Holdings to build 4 shopping centers. [4]
On January 26, 1994, the company became a public company via an initial public offering. [1]
In 2004, the company sold 25 properties for $103.1 million. [5] [6]
In 2007, the company sold University Mall in Tampa, Florida for $149 million. [7]
In 2010, the company closed a $320 million joint venture with The Blackstone Group, which included the sale of a 60% interest in 2 malls. [8]
In 2011, the company completed an asset swap with DDR Corp. in which the company sold Polaris Towne Center and purchased Town Center Plaza for $139 million. [9] [10]
In 2013, the company acquired University Park Village in Fort Worth, Texas for $105 million. [11] The company also acquired Blackstone's 60% interest in WestShore Plaza. [12]
In 2015, the company was acquired by Washington Prime Group for $4.3 billion in stock and cash. [13] As part of the transaction, Jersey Gardens and University Park Village were sold to Simon Property Group for $1.09 billion. [13]
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of May 2024, Blackstone has more than US$1 trillion in total assets under management making it the largest alternative investment firm globally.
GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa, in 1954, and was headquartered in Chicago, Illinois, from 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.
Eastland Mall was a shopping mall in Charlotte, North Carolina. The center opened on July 30, 1975, as the then-largest mall in North Carolina with three anchor department stores, Belk, J.C. Penney, and Ivey's. A Sears, Roebuck and Company store joined four years later. The mall was owned by Glimcher Realty Trust and the City of Charlotte. Glimcher requested the mall be put into receivership due to heavy debt, and there were reports of the mall entering foreclosure. LNR sold the interior space in the mall to Boxer Properties of Houston for $2 million. It ceased operations on June 30, 2010, and was purchased by the city of Charlotte from Boxer Properties, and the owners of the vacant anchors in hopes of selling it to a developer.
PREIT (Pennsylvania Real Estate Investment Trust) is a privately held company that owns and develops shopping centers mostly in the Mid-Atlantic states.
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties as of 2021.
Forest City Realty Trust, Inc., formerly Forest City Enterprises, was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.
SITE Centers Corp. is a publicly traded real estate investment trust that invests in shopping centers. Founded in 1965 by Bert Wolstein, the company is headquartered in Beachwood, Ohio. As of December 31, 2019 the company owned interests in 170 shopping centers in the United States containing 57.0 million square feet and managed 13.2 million square feet for Retail Value Inc. Notable properties wholly owned by the company include Shopper's World in Framingham, Massachusetts. Its major tenants include retailers such as TJX Companies, PetsMart, Dick's Sporting Goods, Ulta Beauty, Ross Stores, and Nordstrom.
CBL Properties is an American real estate investment trust that invests in shopping centers and owns shopping malls, primarily in the Southeastern and Midwestern United States. The company is organized in Delaware with its headquarters in Chattanooga, Tennessee. The company's largest tenants are L Brands, Signet Jewelers, and Foot Locker.
The Mills at Jersey Gardens, originally and also still colloquially called Jersey Gardens, is a two-level indoor outlet mall in Elizabeth, New Jersey. The mall opened on October 21, 1999, and is the largest outlet mall in New Jersey, and much closer to New York City than its largest outlet mall competitor, Woodbury Common.
EQ Office is a real estate investment company that owns 80 office properties comprising 40 million square feet. The company is owned by funds managed by The Blackstone Group. The company was formerly known as Equity Office.
Plaza del Norte is a 698,581 sq ft (64,900.3 m2) shopping center located in Hatillo, Puerto Rico currently owned and managed by Curzon Puerto Rico. It is the largest shopping center in northwestern Puerto Rico, with over 130 stores and fast food restaurants.
Regency Centers Corporation is a real estate investment trust based in Jacksonville, Florida and is one of the largest operators of shopping centers with grocery stores as anchor tenants. As of October 21, 2020, the company owned 415 properties comprising 56 million square feet of space. Notable properties owned by the company include Serramonte Center and a 30% interest in Village District.
Colonial Park Mall is a shopping mall in Lower Paxton Township, Pennsylvania, about 3 miles (4.8 km) NE of Harrisburg. Located at the northeast corner of U.S. Route 22 and Colonial Road in the Colonial Park CDP just east of Interstate 83 and south of Interstate 81, it serves the eastern and northern suburbs of the Harrisburg metropolitan area. The mall's anchor store is Boscov's. There are 2 vacant anchor stores that were once The Bon-Ton and Sears.
Trizec Properties, Inc., previously known as TrizecHahn Corporation, was a real estate investment trust headquartered in Chicago, Illinois. It was originally a Canadian company. The name is derived from the initials of the three groups (Tri) that formed Trizec Properties Ltd: Zeckendorf, Eagle Star, and Covent Gardens.
Plaza del Sol is a 728,546-square-foot (67,684.1 m2) regional mall located in the city of Bayamón, Puerto Rico. The mall is anchored by a Caribbean Cinemas, Walmart, Burlington, H&M, Dave & Buster's and The Home Depot. The mall was opened in 1998; it was later acquired in 2005 by DDR Corp. out of a $1.15 billion portfolio deal with Caribbean Property Group (CPG), which included the mall. And is now owned by Curzon Puerto Rico.
Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 2022, the company owned 5,495 buildings comprising about 1.2 billion square feet in 19 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2022, offering customers solar power, racking systems, forklifts, generators, EV charging infrastructure, and other logistics tech equipment for purchase.
Urban Retail Properties is a third-party retail management company based in Chicago. The company develops shopping complexes and other retail centers across the United States, in addition to help managing retail space development. The company partnered with Long Runn Urban Development Group in Shanghai in 2008. As of 2021 it owns over 50 shopping centers. A news article in 2003 described Urban Retail as "the nation’s largest third-party retail manager".
Washington Prime Group Inc. is an American real estate investment trust that invests in shopping centers. The company is organized in Indiana with its headquarters in Columbus, Ohio. From January 2015 to September 2016, the company had the name WP Glimcher. On June 13, 2021, Washington Prime filed for Chapter 11 bankruptcy.
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
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