The Malibu Lumber Yard’s future is no longer uncertain: the haute shopping center is about to be purchased in one very expensive deal.
Glimcher Realty Trust will buy the 30,000 square-foot outdoor luxury mall, which is home to stores like Maxfield, James Perse and Alice + Olivia, for $35 million.
Richard Weintraub and Richard Sperber put the luxury spot on the market in 2010 after spending an estimated $25 million to create it.
Its new owner, the Columbus, Ohio-based Glimcher, also owns and manages 27 additional properties in 15 states with retailers that generated an average of $400 in sales per square foot during the last fiscal year.
[Source: WWD]
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