Glimcher puts University Mall on the block

[chrisdashley]

Found this today....  Let the OCS debate begin..... once again. ;D

http://tampabay.bizjournals.com/tampabay/stories/2006/05/15/daily46.html?jst=b_ln_hl

Glimcher puts University Mall on the block

Tampa Bay Business Journal - 5:12 PM EDT Thursday

Glimcher Realty Trust said it would sell five regional mall properties, including University Mall in Tampa.

Other malls on the sale block are Almeda Mall and Northwest Mall, both in Houston, Eastland Mall in Charlotte, N.C., and Montgomery Mall in Montgomery, Ala.

Glimcher said in a release that it expects total consideration, net of expenses, to be about $250 million to $270 million from the sales. Glimcher said it would take a non-cash impairment charge of about $49 million during the second quarter of 2006, primarily as a result of the mall disposition plans.

The company expects an overall net gain of $10 million to $30 million on the sale of the five properties, even with the initial recognition of the non-cash impairment charge, Mark Yale, executive vice president and chief financial officer, said in the release.

Glimcher has entered into an exclusive listing agreement with Eastdil Secured Broker Services Inc. to market and sell the malls, the release said.

Glimcher said in October that it was looking at making drastic changes at University Mall, after JCPenny left the mall. The company told the Tampa Bay Business Journal at the time that it intended to keep the University Mall up and running as one of its only two properties throughout Florida . Glimcher also owns WestShore Plaza in Tampa.

Michael P. Glimcher, president and chief executive, said in the release that aggressively selling non-core assets is a central part of the company's strategy to upgrade the overall quality of its real estate. The company said it expects to redeploy the sales proceeds into its redevelopment program, acquisition of new higher-income growth assets and selective ground-up development of premium retail properties.

Glimcher Realty Trust (NYSE: GRT) is a Columbus, Ohio-based real estate investment trust.

[smazza]

what a great opportunity for stae to acquire land

[chrisdashley]

for once, I agree with smazza... its a great opportunity to acquire a large piece of land fairly close to the campus.  As has been discussed numerous times, the land could be used for any number of purposes:  moving all athletic fields to it, dorms, additional class space, parking, et al.

I really hope the state looks into it before its too late.

[Minotaur]

So begins "On Campus Stadium" thread number 2,479

[chrisdashley]

for the record, i didn't intend this to be an OCS thread.  just wanted to mention the land is for sale and that it should be considered as an acquisition target for the state / USF.  I don't care what they do with it, just as long as they don't just let it be sold to a developer without investigating the options.

HOWEVER, i am sure this will be hijacked and turned into an OCS thread... in 3.... 2.... 1....   ;D

[Minotaur]

HOWEVER, i am sure this will be hijacked and turned into an OCS thread... in 3.... 2.... 1....   ;D

You may have until after lunchtime. Hijackers usually feed first then attack.  

[turkeysoup]

for once, I agree with smazza... its a great opportunity to acquire a large piece of land fairly close to the campus.  As has been discussed numerous times, the land could be used for any number of purposes:  moving all athletic fields to it, dorms, additional class space, parking, et al.

I really hope the state looks into it before its too late.

If I'm not mistaken the State of Florida doesn't purchase land for university use.

[USFootball]

No offense guys, but that land is not in the greatest neighberhood, I would not want to have to go there for game days, there is plent of room on campus, besides, we dont have the money for this...

[chrisdashley]

No offense taken; however, (1) there more than can be done with that location other than football, i.e., classroom space, dorms, etc.  and (2) this is essentially the same neighborhood that USF is in now.  If you won't go to a football game at the "mall", you wouldn't go to one on campus.

The only way to improve any area is to redevelop a parcel and start making changes.  If USF were to acquire the land and redevelop it, it would increase the value of nearby properties and may spur more redevelopment.  I'm not say it WOULD happen, but it has happened in the past.

[80mins]

No offense guys, but that land is not in the greatest neighberhood, I would not want to have to go there for game days, there is plent of room on campus, besides, we dont have the money for this...

Not in the greatest neighborhood? It's barely in a neighborhood, and it's practically on campus--you've only got to get through University Square I and II (or whatever the hell they're calling the Deuce these days) to get to the mall. on the other sides is bordered by a lake/pond/wetland or some sort and a retirement community or two. What's wrong with it?

That being said, I wonder if, in acquiring the mall, they would take out University Square Drive and those apartments for additional student housing or allow that disconnect between campus and other campus property.