FORT WORTH -- University Park Village, the upscale shopping center off University Drive near Interstate 30, has been bought by Columbus, Ohio-based Glimcher Realty Trust, its first Texas property, the firm said Monday.
The real estate investment trust said it paid $105 million for the 173,220-square-foot center, which opened in 1986.The center is 97 percent leased and features such tenants as Apple, Anthropologie, J. Crew, lululemon athletica, Barnes & Noble, Pottery Barn, Williams Sonoma and the Blue Mesa restaurant.Michael Glimcher, chairman and CEO, called the shopping center a "highly productive, dominant retail property. This quality property offers tremendous growth potential and aligns perfectly with our acquisition strategy."The center was sold by Chicago-based Heitman Capital Management, which was managing the property for the State of Hawaii Pension Fund.The pension fund bought the property in 2001 from Minneapolis-based Madison Marquette Realty Services.Madison Marquette bought the then-47,264-square-foot center in 1994 and expanded it to its present size.In 1992, the center was bought by an entity of Trademark Acquisition and Development, a group headed by Fort Worth investor/developer Terry Montesi.Glimcher Realty Trust (ticker: GRT) said it owns interests in and manages 29 retail properties totaling about 21.7 million square feet.Sandra Baker, 817-390-7727Twitter: @SandraBakerFWSTHave more to add? News tip? Tell us
