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Wednesday, June 06, 2012

City Is Slated to Ink Deal with New Lessee on Its Lumberyard Property

• Rumors about Transfer Were Circulating for Weeks

BY BILL KOENEKER

The Malibu City Council, at its meeting next week, is poised to approve the sale of the ground lessee’s leasehold interest in the Malibu Lumberyard shopping center site by Malibu Lumber LLC to Glimcher Properties Limited Partnership, according to a municipal public notice.
For several weeks, rumors had spread across town about the potential sale of the lease, but neither partner Richard Weintraub nor Richard Sperber were talking while apparently negotiations were still underway.
Weintraub referred the Malibu Surfside News to Sperber, who said he did not want to comment while sensitive details about the sale were still pending.
Glimcher Malibu LLC, a Delaware Limited Liability Company, is the affiliated entity of Glimcher Properties, which is expected to assume all of the obligations of Malibu Lumber LLC “in a form acceptable to the city manager.”
The council’s action, recommended by the staff, “is to authorize the city manager to execute all documents necessary or appropriate to complete the sale and transfer of the ground leasehold interest of Malibu Lumber LLC in such form as the city manager shall determine is appropriate,” according to the staff report.
Glimcher Realty Trust, which trades on the New York Stock Exchange, describes itself on its website as “a premier real estate investment trust and a recognized leader in the ownership, management, acquisition and development of malls, which includes enclosed regional malls, and open-air lifestyle centers, as well as community centers.”
Based in Columbus, Ohio, Glimcher was formed in 1994 “to continue and expand the business and operations of The Glimcher Company, which was founded by Herbert Glimcher, the current GRT Chairman Emeritus and Trustee.
Glimcher Properties currently owns or manages a total of 26 properties in 13 states.
“Of the 26 properties, 22 are regional malls or super-regional malls, many of which are located in the country’s top-growing metropolitan statistical areas,” according to its website.
In addition to acquiring a Malibu property, Glimcher owns two other malls in California: the Puente Hills Mall, a 1.1-million- square-foot shopping center that is owned as a joint venture located in the City of Industry, and Weberstown Mall in Stockton. Other malls are located in Arizona, Florida and Ohio.
Another aspect of the rumors that are now in circulation is that Glimcher is looking at other Civic Center shopping centers but that could not be confirmed.
Some of the specialists in local commercial real estate see a lot of interest by big real estate investment firms in existing high-end centers with solid reputations.

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