Glimcher Buys Puente Hills Mall for $170 Million
The Puente Hills Mall in the City of Industry, Calif., has been sold to Columbus, Ohio–based Glimcher Realty Trust for $170 million.
The deal is expected to close in December. Irvine, Calif.–based Passco Cos. LLC has owned the 31-year-old shopping center since 2003, when it paid $148 million for the property. The impending purchase gives Glimcher its first entry into the Southern California real estate market.
The real estate investment trust’s portfolio extends primarily throughout the Midwest and East Coast, though it has a property in Stockton, Calif.
Glimcher is paying $81 million in cash and assuming $89 million in debt.
The mall is located near state Route 60 and Azusa Avenue. It’s anchored by Sears, Robinsons-May and a 20-screen AMC Theatres. A Glimcher representative said the Robinsons-May store would be converted to a Macy’s as part of Federated Department Stores’ merger with the May Co.
Glimcher officials said they plan to invest $10 million in renovations, including new flooring, updated lighting, a refurbished and expanded food court, a soft play area for children and new vertical transportation. —Robert McAllister
