COLUMBUS—Glimcher Realty Trust has announced its plans to acquire The Malibu Lumber Yard, an outdoor retail center located in Malibu, Calif. The Malibu Lumber Yard is a two-story, 31,441-sq.-ft specialty retail center located at 3939 Cross Creek Road, off the Pacific Coast Highway.
The purchase price for the center will be approximately $35.5 million with Glimcher Realty Trust expecting to fund the acquisition through availability on its corporate credit facility. The transaction is expected to close later this month.
Tenant sales at the Lumber Yard average more than $1,000 per sq. ft., and the center is currently 84 percent leased.
Tenants at the Lumber Yard include James Perse, Tory Burch, Intermix, Alice & Olivia, J.Crew-at-the-Beach and Quicksilver Girls, among others.
“The Malibu Lumber Yard is an attractive asset due to the exceptional tenant mix, sales productivity and one-of-a-kind location. The retail property offers high productivity in excess of $1,000 per square foot and outsized NOI growth potential as we stabilize the occupancy of the center,” said Michael P. Glimcher, chairman of the board and CEO.
Constructed in 2009, the Malibu Lumber Yard is situated in Malibu and surrounded by residential communities including Calabasas, Agoura Hills and Westlake Village. Average annual household income within a 10-mile radius of the property is $163,000.