Glimcher to Acquire Full Ownership of Signature Scottsdale Quarter Development Project for $120 M

Glimcher Realty Trust, GRT today announced that it entered into agreements to purchase the land for all three phases of its Scottsdale Quarter® development project in Scottsdale, Arizona from affiliates of their existing joint venture partner. The total purchase price is approximately $120 million. Upon the closing of the transactions covered by the purchase agreements, the existing joint venture arrangement will be terminated, giving Glimcher full control and ownership over all improvements, in addition to the land. Upon closing, the joint venture partner will be released from all obligations related to the project.