BY THE YARD: Glimcher Realty Trust will purchase The Malibu Lumber Yard, the 30,000-square-foot upscale shopping center opened in 2009, for $35.5 million. The sale ends an uncertain chapter in The Malibu Lumber Yard’s history, started when its developers, Richard Weintraub and Richard Sperber, put the center, which cost roughly $25 million to build, on the market in 2010. They succeeded in keeping The Malibu Lumber Yard afloat with a minority investment by Los Angeles real estate brokerage firm Blatteis & Schnur last year, but continued to look for alternative options. The Malibu Lumber Yard is 84 percent leased, and its tenants include Intermix, Lorna Jane, James Perse, Maxfield, Tory Burch and Alice + Olivia. Glimcher disclosed the center’s annual sales per square foot exceed $1,000.
Columbus, Ohio-based Glimcher owns and manages 27 properties in 15 states with retailers that generated an average of $400 in sales a square foot last fiscal year. At the International Council of Shopping Centers’ RECon convention last month in Las Vegas, Glimcher chairman and chief executive officer Michael Glimcher made it clear his objective is to raise the performance of retailers within the company’s shopping center portfolio. In the near term, he predicted retailers at Glimcher’s properties would go from generating around $400 to $450 in annual sales per square foot within the next six to 12 months.
This story first appeared in the June 13, 2012 issue of WWD. Subscribe Today.