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COLUMBUS, OH-Glimcher Realty Trust, owner of 41 retail properties totaling 25.3 million sf of GLA, has named Michael P. Glimcher its new CEO. Previously the position was held by Herbert Glimcher, who retains his position of chairman of the board of trustees.
The younger Glimcher joined the predecessor company of Glimcher Realty Trust in 1991, and since it went public a few years later, he has held a variety of positions there, including VP of leasing and EVP. He became a member of the REIT's board of trustees in 1997, and in 1999 became its president, a title he will retain.
Glimcher has a long presence in the retail real estate realm, with roots going back to the Eisenhower administration when Herbert Glimcher launched the firm as a lumber and building-supply business. By the late 1960s, the company had evolved into a retail developer, building properties for such expanding entities as Kmart and McDonald's as well as smaller retail properties of its own.
At the time of Glimcher Realty's IPO 11 years ago this month, however, the company's focus had changed to the ownership of regional malls. Through a twin strategy of acquisition and development in the decade-plus since it went public, Glimcher Realty has come to own 25 enclosed regional or super-regional malls (out of its 41 properties), totaling 21.8 million sf GLA. Its roster includes Polaris Fashion Place in Columbus, OH (1.6 million sf); University Mall in Tampa, FL (1.3 million sf); Jersey Gardens in Elizabeth, NJ (1.1 million sf); and Eastland Mall in Charlotte, NC (1.1 million sf).
The REIT's most recent development plans are for a 168,000-sf lifestyle retail expansion project at its two Dayton properties. Glimcher Realty's properties in that market include the Mall at Fairfield Commons located in Beavercreek and the Dayton Mall in Dayton. The lifestyle expansion project is planned to include such retailers as Pottery Barn, Ann Taylor LOFT, Chico's, J. Jill, Coldwater Creek, Jared Jewelers, H&M, Apple, Organized Living, Borders and Talbots; and such restaurants as Bravo!, PF Chang's, Brinkers and Mitchell's Fish Market.
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