COLUMBUS—Glimcher Realty Trust announced the acquisition of One Nineteen, an outdoor retail center located in Leawood, Kan. One Nineteen is adjacent to the Company’s Town Center Plaza in Leawood and will add approximately 165,000 sq. ft. of leasable retail space to the combined property.
The Company purchased the center for approximately $67.5 million. The acquisition was funded with the proceeds from the secondary offering completed in the first quarter.
Tenant sales at One Nineteen average more than $900 per sq. ft., and the center is currently 93 percent leased to such retailers as Crate & Barrel and lululemon athletica, as well as an Apple Retail Store.
Built in 2008, One Nineteen is situated in Kansas City and, along with Town Center Plaza, serves a local population of approximately two million, more than 20 million annual visitors to Kansas City and more than 150,000 nearby daytime employees.
Glimcher purchased Town Center Plaza in December 2011.