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 | $381 million (2013) |
-$37 million (2013) | |
Total assets | $2.659 billion (2013) |
Total equity | $651 million (2013) |
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. In 2019, Blackstone converted from a publicly traded partnership into a C-type corporation. 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. As of 2020, the company's total assets under management were approximately US$619 billion.
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.
Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that invests in 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 comprising approximately 241,000,000 square feet (22,400,000 m2) of gross leasable area in North America and Asia. For a list of notable properties owned by the company, see List of Simon Property Group properties.
Forest City Realty Trust, Inc. 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.
Taubman Centers, Inc. is an American real estate investment trust headquartered in Bloomfield Hills, Michigan. The company invests in shopping centers, and is a subsidiary of Simon Property Group since 2020.
CBL Properties is an American real estate investment trust that invests in shopping centers, 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.
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.
Cedar Realty Trust, Inc. is a publicly traded real estate investment trust that invests in shopping centers in the Mid-Atlantic states.
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 Cameron Village.
Colonial Park Mall is a shopping mall in Lower Paxton Township, Pennsylvania, about 3 miles (4.8 km) NE of Harrisburg. Located at the NE 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.
Digital Realty Trust, Inc. is a real estate investment trust that invests in carrier-neutral data centers and provides colocation and peering services. As of December 31, 2019, the company owned interests in 225 operating data center facilities totaling 34.5 million rentable square feet in the United States, Europe, Asia, Canada, and Australia. The company's largest operating areas are: Northern Virginia, Dallas, Chicago, New York State, Silicon Valley, and London.
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Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in warehouses. 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 31, 2020, the company owned 4,703 buildings comprising 984 million square feet in 19 countries in 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 over 5,000 tenants. Prologis created a venture capital arm in 2016.
Brixmor Property Group Inc. is a publicly traded real estate investment trust that invests in shopping centers. It owns and operates a high-quality, national portfolio of 400+ open-air retail centers comprising approximately 73 million square feet of prime retail space in established trade areas. Brixmor is a real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness. It is organized in Maryland with its headquarters in New York City.
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.
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