Atlanta — WP Glimcher, a publicly traded retail REIT based in Columbus, Ohio, has sold Northlake Mall, a nearly 1 million-square-foot regional mall located in Atlanta.
The REIT sold the mall and Forest Mall in Fond Du Lac, Wisconsin, for a combined $30 million. The buyers were undisclosed private real estate investors. Built in 1971 and formerly owned by Simon Property Group, Northlake Mall’s tenant roster includes Kohl’s, Macy’s, JC Penney and Sears.
WP Glimcher received approximately $10 million in cash at closing for the two malls and provided $20 million in short-term seller financing.