The net proceeds, approximately $57.8 million, are being used to pay down the outstanding balance a $170 million secured credit facility and to partially fund its $153-million acquisition of the 1.06-million-sf WestShore Plaza in Tampa, FL.

Announced earlier this month, Glimcher is acquiring the 98%-leased mall from a Nevada-based general partnership owned by Grosvenor USA of San Francisco, a division of London-based Grosvenor Holdings. The price for the 36-year-old property equates to $144.34 per sf, one of the highest per-sf prices paid for a retail asset in the Tampa Bay market, local brokers tell GlobeSt.com. The deal is scheduled to close by Sept. 1.

Earlier this month, the REIT reported a second-quarter loss of $3.92 million, or $0.11 per share, compared to a profit of $3.14 million, or $0.09 per share, in second quarter 2002. Funds from operations totaled $9.8 million, or $0.26 per diluted share, for the quarter versus $20.1 million, or $0.59 per share, in the year-earlier period. For the six-month period, the REIT posted FFO of $31 million, or $0.82 per share, compared to $40 million, or $1.18 per diluted share, in second quarter 2002. Revenue for the quarter ended June 30 increased 16% to $70.8 million from $61 million a year ago.