Glimcher Realty Trust said it will buy the remaining interest in Tampa's WestShore Plaza from private equity firm Blackstone Real Estate Partners VI.

In return, Glimcher will sell its 40 percent interest in Lloyd Center in Portland, Ore., to Blackstone.

Both malls had been held in a 40 percent-60 percent split, with Glimcher holding the minority share, according to a statement.

The company announced that the two deals are scheduled to close in the coming 60 days. Glimcher is set to buy 60 percent of WestShore for $111.8 million by assuming the pro-rata amount of a $119.6 million loan and paying Blackstone $40 million in cash.

Michael P. Glimcher, chairman of the board and CEO of Glimcher, said the Tampa purchase is good for the company.

"With sales in excess of $410 per square foot, the center continues to perform well and is positioned for additional growth,” he said. Glimcher Realty Trust specializes in developing, owning and managing malls.